The Port of Coos Bay is partnering with NorthPoint Development to build a multimodal container facility in Coos Bay on the Oregon Coast. With a memorandum of understanding in place, the port and NorthPoint aim to finalize a contract by the end of the year, with construction expected to be completed within five years. The facility will create up to 250 permanent jobs and have an annual capacity of 2 million TEUs. The estimated $1 billion will largely be funded by the Missouri-based firm, NorthPoint. The port is moving forward with its Channel Modification Project, intended to expand the channel to 45 feet deep and 450 feet wide.