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PORTLAND-The Port of Portland Commission on Wednesday signed off on the purchase of 700 acres of industrial land in East Multnomah County, between the Troutdale and the Columbia River. The land is owned by Alcoa Inc., and about half of it is actually developable.The $17.3-million purchase price will be funded with a 25-year, 5.1% loan from an Oregon Economic and Community Development Department fund created with state lottery revenue. The sale should close in 2006, after Alcoa completes site demolition and environmental remediation programs. A port representative could not be reached for comment Wednesday afternoon.The first phase of construction most likely will be a 100-acre industrial park. The second phase could be an expanded industrial park or an intermodal rail yard. A primary factor in the rail yard idea is whether Union Pacific is ultimately interested in the idea. Full build-out of the site could take more than 10 years.Other issues with the land’s development include Federal Aviation Administration requirements (the site borders the Troutdale Airport), wetlands mitigation requirements, traffic congestion, numerous sets of power that cut across the site, and a large section of the property lying in the Columbia River Flood Plain.

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