The Port of Portland has submitted a request for $10 million in funding to support its international shipping terminal, Terminal 6. This request comes as the terminal faces a projected financial loss of $14 million this year, highlighting the urgent need for financial assistance.
In a letter addressed to lawmakers on the budget committee, the Port of Portland emphasized the significant economic impact of Terminal 6. The operations at the terminal directly and indirectly support 1,500 jobs, including workers from the International Longshore and Warehouse Union, terminal operators, trucking firms, railroads, steamship agents, freight forwarders, and marine construction companies.
The terminal plays a crucial role in facilitating container operations, which contribute to the local economy by generating over $20 million in state and local tax revenue annually. The tax revenue is derived from wages and businesses associated with the terminal, highlighting its importance in supporting the financial stability of the region.
However, despite its economic significance, Terminal 6 has experienced years of financial losses. The projected $14 million loss for this year underscores the need for immediate action to ensure the terminal’s sustainability and the preservation of the jobs it supports.
The Port of Portland’s request for $10 million in funding is a proactive step to address the financial challenges faced by Terminal 6. By securing this funding, the port aims to stabilize the operations of the terminal and prevent further losses.
The request for funding comes at a critical time, as the legislative session is set to begin on February 5th. The Port of Portland is hopeful that lawmakers will recognize the importance of the international shipping terminal and prioritize its financial support.
The success of Terminal 6 is not only vital for the Port of Portland but also for the broader community. The terminal’s operations contribute to the region’s economic growth and provide job opportunities for a wide range of industries.
As the legislative session approaches, it is crucial for lawmakers to carefully consider the Port of Portland’s request. By providing the necessary financial assistance, they can help ensure the continued success of Terminal 6, preserve jobs, and maintain the substantial tax revenue generated by the terminal.
The Port of Portland’s request for $10 million is an investment in the future of the international shipping terminal and the economic prosperity of the region. It is an opportunity for lawmakers to demonstrate their commitment to supporting key infrastructure and fostering economic growth.
As discussions unfold during the legislative session, it is hoped that lawmakers will recognize the significance of Terminal 6 and work towards securing the funding needed to sustain its operations. The success of this endeavor will not only benefit the Port of Portland but also contribute to the overall economic vitality of the state.
