The Port of Brookings Harbor must rebuild much of its infrastructure after Friday’s tsunami surge.
The Port of Brookings Harbor must rebuild much of its infrastructure after Friday’s tsunami surge.
However, the Port already defaulted on more than $5.3 million in debt in 2008.
Ted Fitzgerald, the port’s executive director, said refinancing the debt has enabled the port to get past the worst financial squeeze. The port successfully negotiated new loan terms from the Oregon Economic and Community Development Department shortly after he joined the port.
“Today, our fiscal situation is not bad,” Fitzgerald said. “We have $550,000 in the bank, and I can tell you that wasn’t the case when I joined.”
The tsunami that ripped through the port’s boat basins Friday did an unknown amount of damage. Fitzgerald initially ballparked the sum at $10 million to $13 million. Other officials projected $25 million to $30 million.
Read more at OregonLive.com.
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