USDOT OKs RRIF loan for Port of Everett Marine Terminal rail project

The U.S. Department of Transportation's (USDOT) Build America Bureau will provide a $5.95 million loan to the Port of Everett in Washington to help fund the second phase of its Marine Terminal rail improvement project, U.S. Transportation Secretary Elaine Chao announced yesterday.

The loan will be issued by the Railroad Rehabilitation and Improvement Financing (RRIF) program. The loan — to be issued at 3.39 percent with a 35-year term after substantial completion — represents 86 percent of the project's $6.92 million eligible costs, USDOT officials said in a press release.

"This funding will help fund a key port in Washington state to handle more cargo, thereby helping our country remain competitive in the increasingly global economy," said Chao.

BNSF Railway Co. serves the port.

The Marine Terminal project calls for expanding on-terminal rail capacity to increase the amount of cargo that can be processed through the port. More than 3,300 lineal feet of on-terminal working track will be added, more than doubling the operational capacity of rail.

In addition, a 39,000-square foot warehouse will be relocated for use to provide cover for rail cargo.

"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, president of the Port of Everett Commission.

The Build America Bureau administers the RRIF credit program.