The facility, acquired from the Port of Portland for $30.8million, was the last publicly owned commercial yard in thecountry. It was not a profitable operation for the port, but it wasa profitable sale.


The port has owned the shipyard since 1953. The sale come with$18 million up front, which the port will use to pay off a25-year-old Port improvement bond, eliminating the possibility offuture property tax assessments.


The original deal between the port and Cascade was for $38.8million and 90 acres that included 32 acres of undeveloped landalong the Willamette River side of Swan Island. The final deal didnot include the excess land.


Cammell Laird Holdings, Britain's largest ship building,provided financing for the acquisition. As a result, it owns ashare of the company, Portland Ship Yard LLC, which was set up asan affiliate of Cascade general to own and operate the yard.

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