Development

Port Issues $19M Bonds for Land

Monday, August 10, 2026

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Port of Moses Lake commissioners approved a $19 million bond issue Monday to purchase 13 parcels of land at the east and west edges of existing port property. The bonds, with a 10-year repayment plan, will carry 5% interest for the first five years and 5. 25% for the remaining term.

Port Director Kim Detrolio said lease payments from tenants will cover the bond costs, avoiding impact on the port's bonding capacity. Director Richard Hanover noted the port has secured potential tenants for most of the property, with some deals in progress for years. The purchase follows decades of water rights discussions, as the port seeks to secure additional water rights by September 30 to meet a Washington Department of Ecology deadline.

📄 Source: Local Government — https://columbiabasinherald.com/news/2026/aug/10/port-of-moses-lake-issues-bonds-to-buy-property/

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Port of Moses Lake commissioners approved a $19 million bond issue Monday“MOSES LAKE — The Port of Moses Lake will issue about $19 million in bonds to buy land adjoining existing port property. Port commissioners approved the bond issue at the regular meeting Monday.”
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The bonds will carry 5% interest for the first five years“The bonds have a 10-year payback provision. The port will pay 5% interest on the bonds for the first five years and 5.25% for the remaining term.”
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The bonds will carry 5.25% interest for the remaining term“The port will pay 5% interest on the bonds for the first five years and 5.25% for the remaining term.”
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The bonds have a 10-year repayment plan“The bonds have a 10-year payback provision.”
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Port Director Kim Detrolio said lease payments from tenants will cover the bond costs“The port leases rather than sells its property to tenants, and Detrolio said the lease payments are projected to be enough to pay for the bonds.”
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Lease payments from tenants will avoid impact on the port's bonding capacity“Because the port will be paying off the bonds with revenue from the leased property, it won’t affect its bonding capacity, she said.”
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Director Richard Hanover noted the port has secured potential tenants for most of the property“Richard Hanover, the port’s director of business development, said the port has potential tenants for most of the property.”
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Some deals for the property are in progress for years“"Some of these have been in the works for quite some time," Detrolio said.”
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The purchase follows decades of water rights discussions“Commissioner Darrin Jackson said land and water conversations have been going on for decades; he first heard about them at 13 years of age while working as a legislative page.”
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The port seeks to secure additional water rights by September 30No usable supporting receipt — unverified.
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The port needs to meet a Washington Department of Ecology deadline“Port officials applied for the water right about a decade ago and were informed in 2025 that it had been granted. But port officials must submit a plan for its use to the Washington Department of Ecology, and that plan is due next month.”