Show All Answers

1. Will the project be financially viable?

Yes. The financial evaluations conducted by staff indicate that the project results will exceed the Port’s financial goals. Using the fuel volumes from the Washington State University Market Study, the Port Finance Director estimates an internal rate of return exceeding 6% in each of the three volume sales scenarios (Low, Most Likely, High). At a 6% rate of return, the project will pay for itself and will qualify for bank financing if necessary.

2. Will the facility compete with private fuel dock operators?

Yes. The WSU Market Study indicates that existing Thurston County area fuel docks may lose a significant volume of fuel sales if the Port constructs a new fuel facility at Swantown Marina. The close proximity of Swantown Marina to the Olympia area marinas and available water depth are factors that will divert fuel sales. However, it is important to note that current sales at the existing facilities presumably include increased sales resulting from the loss of the two downtown Olympia fuel facilities. The Port cannot estimate whether or not the loss of market share anticipated at the existing fuel docks is greater or less than the gain in market share these facilities likely realized from the earlier closure of competing facilities.

3. Will the facility be environmentally safe?

Yes. As the newest marine fueling facility in Thurston County and the Puget Sound region, the Port’s facility must be constructed to current petroleum, safety, and environmental compliance standards.

4. Will the facility be accepted by the community?

The results of the Market Study are consistent with earlier public comment, confirming that the vast majority of Olympia area boaters support the Port developing a fuel dock at Swantown Marina. Anecdotally, Port staff has received comments that regional and visiting boaters at boat shows, boating events and at Swantown routinely express support for the Port constructing a fuel dock in downtown Olympia.