Port of Ridgefield lands $2M from Banner Bank for development

Port of Ridgefield

 

For months, the Port of Ridgefield has been searching for banking services that will allow the port to move forward with construction and development projects that support the port’s mission to bring jobs and commerce to Ridgefield. Recently, with the help of Walla Walla, Wash. – based Banner Bank, the port secured access to $2M in funding, paving the way for this investment by the port.

At its Nov. 12, 2014 commission meeting, Port of Ridgefield commissioners voted unanimously to approve the issuance of two limited-tax general obligation bonds totaling $2M; one $1.25M bond that is taxable, and a $750,000 bond that is tax-exempt. The bonds will be purchased by Banner Bank.  Proceeds of the bond sales will be used by the port to construct a new industrial building in Ridgefield.

Banner Bank representatives proposed this funding structure to help the port with its financing efforts. The bank has committed to purchasing those bonds through a private sale, and will extend funds to the port as needed in a line-of-credit arrangement for approved development projects. The funds will be available to the port in 30 days, and must be drawn down in total within 12 months.

“We are very grateful that Banner Bank is helping us invest back into our community,” said Brent Grening, CEO for the port.

 

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