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Cascade General Officially Owns Shipyard

PORTLAND- The facility, acquired from the Port of Portland for $30.8 million, was the last publicly owned commercial yard in the country

By Brian K. Miller | Updated on August 30, 2000

Cascade General officially took control yesterday of the 57-acre Swan Island Shipyard, for which it has been the sole contractor since 1995.

The facility, acquired from the Port of Portland for $30.8 million, was the last publicly owned commercial yard in the country. It was not a profitable operation for the port, but it was a profitable sale.

The port has owned the shipyard since 1953. The sale come with $18 million up front, which the port will use to pay off a 25-year-old Port improvement bond, eliminating the possibility of future property tax assessments.

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