Port of Everett Sells $15M Note to Snohomish County Treasurer's Office to Fund Economic Development Infrastructure at Waterfront Place
On April 5, 2022, the Port of Everett Commission authorized the sale of a $15 million treasury note to the Snohomish County Treasurer’s Office, marking a first-of-its-kind investment by the County to fund local economic development infrastructure at the Port.
The action allows the Port to leverage its excellent A2 bond rating and reliable debt service capacity to creatively fund construction of its new Millwright Loop Roadway project set to kick off later this year.
This key public infrastructure connection paves the way for work to begin in the Millwright District – the second and largest phase of the Port’s Waterfront Place mixed-use development – adding nearly 200 new multi-family housing units, 250,000 square feet of new retail and commercial amenities, new public spaces, and jobs.
“What a great opportunity this is to expand on our partnership with Snohomish County and further support economic opportunity,” Port Commission President David Simpson said. “Waterfront Place is Snohomish County’s destination waterfront with something for everyone. We are thankful to Treasurer Brian Sullivan for thinking outside of the box with us to find a creative and flexible way to invest in jobs and move this project forward.”
This pilot investment by the Treasurer’s Office is part of its new Community Investment Program that sets out to invest locally while providing direct economic and community benefit back to the County.
“I am excited to partner with the Port of Everett to build public infrastructure that will bring new jobs, housing and community assets,” Snohomish County Treasurer Brian Sullivan said. “This Port project is the first of many that will be part of a new treasury program that makes direct and safe investments in infrastructure within the County in a way that facilitates economic development. I look forward to fully rolling out this program to other entities with key projects in the County and expanding the program to invest even more in the future.”
The Snohomish County Treasurer’s Office manages approximately $1.2 billion in short- and long-term investments. They have a long and proven track record of investing its funds in cities and special purpose districts, such as schools, public safety, utilities districts, hospitals, libraries and now, port districts.
The public’s funds are invested following best practices and procedures, and in accordance with the Snohomish County Investment Policy, as well as all federal, state and local government statutes.
“This strategic investment by Snohomish County will benefit the quality of life for all residents to build the roadway and open pathways for the Port to fund the Millwright Loop Roadway infrastructure project,” said Snohomish County Council Chair Megan Dunn, whose district includes the Port of Everett. “I am excited to see the collaboration and continued development along the Everett waterfront, which brings jobs, recreation opportunities, and community amenities to all who live in Snohomish County.”
Financing is secured by a junior lien on Port revenues with notes to be issued to the Treasurer’s Office by the Port for up to $15 million. This allows the Port to avoid interest on borrowing until the funds are expended. The Port must draw at least $1 million at a time.
The initial interest rate is set at .75% over the 5-year treasury and would be adjusted upon execution of renewal options. The Port may renew up to three times. After 20 years, the notes must be redeemed.
As part of the agreement, the Port will deposit $5 million into the Treasurer’s investment pool. These funds will earn interest for the Port.
To inquire about the Snohomish County Treasurer’s Community Investment Program, Contact Snohomish County Treasurer Brian Sullivan at 425.388.3979 or at Brian.Sullivan@snoco.org.
Media Contact: Catherine Soper, Port of Everett Communications & Marketing Director at 425.388.0680 or catherines@portofeverett.com.
About Port of Everett’s Waterfront Place
The Port of Everett’s Waterfront Place is a new 1.5 million square foot (sf) mixed-use development located on 65-acres at the waterfront near the downtown core in Everett, Washington. The development boasts spectacular views, waterfront access, recreational amenities and a world-class marina – the largest public Marina on the West Coast – with 2,300 slips and 5,000 linear feet of guest moorage. At full build out, Waterfront Place will include 63,000 sf of retail/restaurant space, another 20,000 sf of marine retail, 447,500 sf of office, two waterfront hotels, and up to 660 waterfront housing units. Featured amenities include new trails and regional parks together with public gathering spaces, a variety of fine and casual dining, local shops and marine sales and services. The project’s expected $650+ million in public/private investment is expected to support nearly 2,100 family-wage jobs and generate $8.6 million annually in state and local sales taxes. To date, the Port has facilitated more than $150 million in public/private investment at Fisherman’s Harbor – the first phase of the project, featuring new public infrastructure and amenities, the 266-unit Waterfront Place Apartments, the 142-room Hotel Indigo, and the Port’s destination “restaurant row” and “wine walk” now under construction.