Source: Port of Seattle
The Program includes a separate gate improvement program that provides improvements to the existing South Gate, one new gatehouse and in/out entrance complex, and facilities for an intermodal rail yard truck gate. These improvements will reduce traffic congestion and allow T18 to operate more efficiently.
The breakbulk shipping facility on T18 will not see any major improvements under the Bond Improvements, as breakbulk shipping is not expected to be a major component of T18's operations. The existing 97,600 square foot transit shed will be rehabilitated as part of the Program. In addition, an additional marine tower building, which will be used as a vessel load planning office, will be constructed.
In 1998, the throughput volume at T18 was 412,774 Twenty Foot Equivalent Units ("TEUs"). BST Associates (see Section V.D.3) has projected that the facility's annual throughput will increase over the forecast period to approximately 1,090,000 TEUs in 2015. The Port's Harbor Island Master Plan, ("Master Plan") dated August 22, 1996, provided forecast capacity ranges for the completed terminal. While the capacity ranges indicated in the Master Plan are less than that forecast by BST Associates, based on our analysis of the functionality of the completed terminal, we are of the opinion that once all elements of the Program are constructed, it is reasonable to expect that T18 can provide sufficient capacity to accommodate the forecast level of activity assuming that the Lessee responds to increasing volumes with necessary operational changes. If such operational changes are not accomplished, it is possible that some of the forecast volume would be served either at other facilities at the Port or elsewhere on the West Coast.
B. Project Participants
The following section identifies key project participants, and their role in the T18 Project.
1. Port of Seattle
The Port is a municipal corporation of the State of Washington. The Port was established on September 5,1911, under the provisions of the laws of the State of Washington, now codified under Title 53 of the Revised Code of Washington ("RCW").
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