Port of Everett First Port to Secure Federal Rail Loan
As they said in Star Trek, to boldly go where no man has gone before or in our case, to boldly go where no Port has gone before, said the Ports Chief Financial Officer as he asked for the Port Commissions approval of the Federal Rail Rehabilitation Improvement Financing (RRIF) Loan last week.
On October 23, the Port Commission approved a $5.949 million RRIF loan with the U.S. Department of Transportation Build America Bureau for two key infrastructure projects that support the Ports Seaport Modernization efforts. The Port of Everett is the first Port to make it through the complex loan process.
Ive been proud to work with the Port of Everett to secure federal investments to ensure the Port continues to meet the demands of the 21st century economy, and Im thrilled to see the federal government bring even more resources to the table. This investment will help complete vital modernization projects and support an important economic hub in Washington state, said U.S. Senator Patty Murray (D-WA), a senior member of the Senate Appropriations Committee.
You cant have a big league economy with little league infrastructure. Safe and efficient rail infrastructure supports thousands of jobs in Washington state. This loan will help the Port of Everett expand rail capacity and alleviate local road congestion, an issue Snohomish County knows well, said Congressman Rick Larsen (D-WA).
The two projects financed under the RRIF loan were the Ports Terminal Rail Improvements Phase II and the Cargo ....