Port of Everett secures $5.95 million for rail improvements

Federal loan supports Seaport Modernization efforts

The Port of Everett has secured a $5.95 million federal loan for two key infrastructure projects.

The funding supports improvements that increase cargo handling capacity, adding 3,300 feet of on-terminal working track and nearly 40,000 square feet of covered warehouse space for rail loading. These two projects are now complete.

The loan comes from the USDOT’s Railroad Rehabilitation and Improvement Financing program. The Port of Everett is the first port to receive a loan via this program.

 “Completing critical infrastructure upgrades like this will better position the Port and its facilities to handle the larger vessels and heavier cargoes and other opportunities on the horizon,” said Glen Bachman, Port of Everett Commission President.

The RRIF loan is attractive because it is interest only for the first five years of the investment, stretches up to 30 years, and is fixed at the current treasury yield of 3.32% and does not include a pre-payment penalty.

The Port of Everett is the third largest container port in Washington state, and the first largest by economic output.

The Port specializes in high-value, oversized cargo such as aerospace components, windmill turbines and blades, and military equipment. That includes fuselages and other parts for the Boeing 747, 767 and 777 production lines at Paine Field.

This summer the Port broke ground on its South Terminal project that will create longer berths, stronger docks and increased rail capacity to handle bigger ships and heavier cargo.