The California cement company that built a massive cement factory in Portland, Ore., to supply cement in Seattle, is looking to raise a record $100 million in public financing.
The cement board, the California Department of Finance and other investors will fund the venture, said Bill Brown, executive director of the California cement manufacturing company.
The $100-million deal is the largest in cement board history.
The venture includes an agreement to build a new cement processing plant in Los Angeles.
The project has been in the works for some time, but was not completed until March.
The new plant would add more than 1,100 jobs to the state.
The board is seeking a total of $10 million from a private equity firm.
It also plans to issue a bond to cover some of the costs of the cement factory.
A $100,000 bond was issued in July by a private fund, Pacific Investment Management, that also owns the Portland cement company.
Portland cement has been building facilities to process cement in Portland for more than a decade.
It is one of the largest employers of cement workers in the United States.
The Portland cement plant is expected to begin production in 2020 and provide jobs to more than 300 people.
The Oregon cement board has been struggling to attract funding, Brown said.
In April, the board was in the process of buying out an affiliate of the Portland company, Pacific Partners, but the deal collapsed amid financial challenges.
Pacific Partners has been trying to sell the Portland plant to a private buyer for more years.
The California venture is expected be a cash-and-stock deal that is funded by bonds issued by investors, including the $100m in the April $100B bond deal.
Pacific is a private company that was founded in 2004.
Pacific’s board is chaired by former New York City Mayor Michael Bloomberg, who is now president of the Federal Reserve Bank of New York.