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.
Latest from Oregon Business Team
- October Oregon Get There Challenge: Build A Thriving Workforce By Making Employee Commutes Better
- Workplace Wellness and Active Commutes
- The 2023 100 Best Companies to Work for in Oregon survey is open!
- New for the 2023 Survey: Customized, Supplemental 100 Best Survey Questions
- Fresh Solutions for Flexible Workplaces