The interlocal agreement (ILA) the ports of Seattle and Tacoma submitted in October to the Federal Maritime Commission (FMC) for permission to undertake the due diligence necessary to form a Seaport Alliance took effect Monday.
The ILA, which was subject to a 45-day review and approval period, provides a framework to examine business objectives, strategic marine terminal investments, financial returns, performance metrics, organizational structure, communications and public engagement.
The 45-day review period ended Dec. 1.The due diligence work will occur over the next few months.
Following the due diligence period, the two port commissions intend to submit to the FMC by around the end of March 2015 a more detailed agreement to form the Seaport Alliance.
Read more about the Seaport Alliance.
The two ports together form the third-largest container gateway in North America, representing a critical connection to Asia and Alaska.
Learn more about the economic impact of the two ports.