Tuesday, April 14, 2015

Project could transform local coal market to international

The Utah Permanent Community Impact Fund Board approved some $53 million in loan funding for a project that would allow four counties — Sevier, Sanpete, Carbon and Emery — to purchase an interest in a port that is under development in Oakland, Calif. The funding was approved during a CIB meeting hosted in Salt Lake City Thursday in an 8-2 vote.

The proposal is for the CIB’s $50 million to be used to pay for a portion of the construction of a $250 million shipping port in Oakland. While CIB money would be used to fund the infrastructure, the four participating counties wouldn’t own the facility. Instead, they would own the right to use 49 percent of the port’s capacity for trans-Pacific shipping. Richfield Reaper