The Port of Ridgefield has secured a total of $2 million in funding from Banner Bank to build an industrial building in Ridgefield, the port said in a news release this week.
Under the deal, the port will sell two general obligation bonds to the bank and use the proceeds to fund construction of the building.
Port commissioners unanimously approved the deal Wednesday, issuing a $1.25 million taxable bond and a $750,000 tax-exempt bond.
Banner Bank “has committed to purchasing those bonds through a private sale, and will extend funds to the port as needed in a line-of-credit arrangement for approved development projects,” according to the news release. Any new buildings constructed by the port using the bond proceeds would involve light-industrial zoning and range in size from 20,000 square feet to 40,000 square feet, according to the port.
