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Port of Vancouver will spend $50M of $112M budget for 2025 on capital projects

Port CEO plan to continue focus on turning Terminal 1 into a regional destination

By Sarah Wolf, Columbian staff writer
Published: November 26, 2024, 3:06pm
2 Photos
Crews unload a nacelle, the piece where the blades and turbine meet, from a ship at the Port of Vancouver in 2020. The port recently approved its $112 million budget for 2025.
Crews unload a nacelle, the piece where the blades and turbine meet, from a ship at the Port of Vancouver in 2020. The port recently approved its $112 million budget for 2025. (Amanda Cowan/The Columbian files) Photo Gallery

Port of Vancouver commissioners on Tuesday unanimously approved a $112.7 million budget for 2025.

“This plan allows us to modernize our marine terminals to efficiently handle current cargo and future commodities, invest in our buildings and infrastructure, and continue transforming Terminal 1 into a regional destination,” Port of Vancouver CEO Julianna Marler said in a Tuesday statement.

The port’s Terminal 1 lies just west of the Interstate 5 Bridge, where an office complex, hotel, waterfront boardwalk and cruise dock have already been completed. The port removed a century-old dock there to eventually make way for a new dock and a much-anticipated public market, akin to Seattle’s famous Pike Place Market.

The port plans to spend $50 million on capital projects next year. Other expenses total $59.7 million. That includes $46.6 million in operating expenses, about $1 million more than in 2024. The increased spending will go toward dredging shipping berths and hiring additional employees, according to the port’s statement.

The port’s budget anticipates $69.8 million in revenue next year. That includes $50.6 million in operating revenue, primarily from marine and terminal operations and industrial leases, as well as $13.77 million in property taxes, about 2.8 percent more than in 2024.

Because of growth in the total value of property within the district, homeowners will continue to pay 21 cents per $1,000 assessed value, according to the port’s estimates. For the owner of a $500,000 house, that’s about $105 in annual property taxes.

“Our focus is to maintain strong economic benefits for our community,” Marler said.

The Port of Vancouver supports nearly 20,000 jobs, according to its latest economic impact study released in 2022.

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