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PORTS OF SEATTLE AND TACOMA SIGN ALLIANCE AGREEMENT

An interlocal agreement (ILA) submitted by the ports of Seattle and Tacoma in October to form a Seaport Alliance took effect in December 2014.

The ILA, which was submitted to the Federal Maritime Commission (FMC) and which was subject to a 45-day review and approval period, joins the business objectives of the two ports – for strategic marine terminal investments, financial returns, performance metrics, organizational structure, communications and public engagement. The review period ended December 1. The port will submit a more detailed agreement for the Seaport Alliance around the end of March 2015.

A study in September estimated the economic value of the two ports together at $4.3 billion.

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