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Port of Astoria saves big on loans By Edward Stratton, The Daily Astorian, Ore.
Published: April 10, 2021, 3:09pm
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The Port of Astoria will save more than $500,000 by refinancing a loan used to buy the Taggart Building on Pier 1.
The Port took out a $1.7 million loan with Clatsop Community Bank in 2010 to buy the three-story office complex, named after the family of former Port Commissioner Glenn Taggart, who developed the building. The loan was later transferred to Lewis & Clark Bank.
The agency worked with David Ulbricht, an adviser with the Special Districts Association of Oregon, to recruit other banks and refinance at lower interest rates. The best proposal came from Kitsap Bank based in Port Orchard, Washington, which offered a fully amortized loan running through June 2035 that Ulbricht said would ultimately save the agency around $550,000.
Port-orchardWashingtonUnited-statesOregonKevin-baxterLewis-clarkGlenn-taggartDavid-ulbrichtInfrastructure-finance-authorityClatsop-community-bankDistricts-association-of-oregonKitsap-bank