Report predicts short-lived Port Westward loan shortfall

By Darryl Swan

The South County Spotlight, Nov 25, 2009

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The report, drafted by Portland-based company ECONorthwest at a cost of roughly $10,000, was intended as a safety check against work already completed by the lead urban renewal consultant, Shiels Obletz Johnsen.

Port Westward scenarios

HIGH

• Private development of a solar plant on Summit Westward site starting in 2010

• PGE develops 200-megawatt natural gas plant in 2012

• Cascade Grain restructures and resumes operations in 2010

MEDIUM

• PGE develops 200-megawatt natural gas plant in 2012

• Cascade Grain is liquidated

LOW

• No new construction occurs

• Cascade Grain is liquidated

Tax projections

In high and low scenarios, the county will have sufficient tax revenue in 2009 and 2010 to cover all projected expenditures. In 2011-2012, the county will be able to cover operating expenditures and partial payment of road improvement debt, but no other Port Westward expenditures. From 2013-2030, it will have sufficient resources for all expenditures.

• In the low scenario, tax collections will be insufficient for 2011-2012. Also, after 2024 the ability to cover rail system debt will be compromised, as will the ability to cover water system debt in 2025.

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