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Cascade General Wins Portland Ship Yard Bid

At a meeting on August 9, the Port of Portland Commission approved a lease and series of transactions under which Cascade General, Inc., will operate and manage the Portland Ship Yard (PSY). Commencement of the lease is scheduled to begin in January 1996, following a transition period during which Cascade will submit operating plans for Port approval which address various PSY functions. Under the agreement, Cascade will lease PSY for an initial five-year term. Extension options include two additional five-year terms, plus a 15-year option. This sole contractor agreement with Cascade represents the culmination of the Port's efforts to restructure the yard, which began in 1993.

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