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| A port loan program |
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A port loan program for planning and the construction of facilities and infrastructure that promote maritime shipping, aviation and commercial/industrial activities of ports.
| Ports in Oregon are directly and actively involved in carry out economic development and international trade efforts. These efforts include developing and maintaining facilities and infrastructure that support important industries in the state. Port facilities, including airport, harbors, navigation channels, railroads and roads are integral elements of the transportation infrastructure in Oregon. |
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| Eligible applicants |
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Ports incorporated under either ORS Chapter 777 or 778 are eligible to apply for funding.
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| Eligible projects |
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Funding may be used for port development projects (facilities or infrastructure) or to assist port-related private business development projects. The variety of eligible projects is very broad. These include, but are not limited to, water-oriented facilities, industrial parks, airports and commercial or industrial developments. Eligible project costs can include engineering, acquisition, improvement, rehabilitation, construction, operation, maintenance or pre-project planning. Projects must be located within port district boundaries.
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| Funding |
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The applicant will be limited to total loan awarded from the fund to no more than $3 million outstanding at any one time.
The loan term can be as long as 20 years or the useful life of the project, whichever is less. Interest rates will be set by the department at market rates, but not less than Treasury Notes of a similar term minus 1 percent.
Note: for flexible manufacturing space projects will not accrue interest until the building is at least 25 percent occupied or until three years after the date of the loan contract, whichever is earlier.
Project Funding Criteria
The following information will be used in determining the financing awarded:
- The proposed project is feasible and a reasonable risk from practical and economic standpoints
- The applicant has received all necessary permits required by federal, state or local agencies
- There is a need for the proposed project, and the applicant's financial resources are adequate to provide the working capital needed to ensure success of the project
- The loan has reasonable prospect for repayment
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