Olympia port subsidy aids the export of log

Peter Overton's recent letter touting the log exporting business is an example of both a nostalgic romanticism about a deep-water port and a blind eye to the public subsidy of this industry to which he is associated.

Port boosters like Overton hide behind the illusion of economic development to justify the public subsidy of the under-performing port.

The port's own financial policy No. 1202 calls for a 5 percent return on revenue whereas the current performance is in the negative range of 20-25 percent.With this negative return on revenue, the Port of Olympia must then rely on the $5.3 million tax levy.

The log exporting business is a beneficiary of our tax subsidy. Weyerhaeuser and other log exporters utilize virtually the entire marine terminal, yet do not pay enough for the port to break-even on this business.

In essence, the taxpayers of Thurston County provide a captive and subsidized facility for these private interests.

This story was originally published September 3, 2016 at 6:38 AM with the headline "Olympia port subsidy aids the export of log."