While Rayonier is responsible for the cleanup, who will bear the non-cleanup costs associated with planning for and the redevelopment of the Rayonier site?
Currently, loans from economic development funds of the Port and the City are funding the planning for the acquisition of the properties, costs that would be required whether or not the site was contaminated. The City and Port have reserves for economic development as a result of the graving dock termination that are currently the source of funds to support HarborWorks. In the future, redevelopment costs, i.e., costs not related to cleanup, can be allocated from these funds or from commercial loans (bond proceeds) or from private equity partners who acquire an interest in the site.
Related Questions
- Is the marina site being maintained adequately while it waits for redevelopment? Who is currently responsible for the maintenance?
- What is the role of the Lower Elwha Klallam Tribe in the cleanup and redevelopment of the Rayonier parcels of land?
- How is the cleanup and redevelopment of the Rayonier Mill Site being funded?
