Port of Portland Will Fly
Agency sells its Old Town location to Seattle-based company for $29.2 million
The Port of Portland will move to a new home in 2010 after port commissioners voted to spend roughly $250 million to build a combined new headquarters and parking garage at Portland International Airport.
Construction is under way on the structure, which will adjoin the airport's existing parking garage. Portions of the new garage could open as early as April 2009.
The port will finance the project, approved in April, with $144 million in cash and $103 million in new debt.
The move will allow the port to cut operating expenses by as much as 4 percent annually, or $89.5 million over 20 years, by reducing travel time and duplicate staff and services. The port's staff spends nearly 15,000 hours each year driving between its Old Town headquarters and its existing offices at Portland International Airport
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