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Tribe completes purchase of Weyco land
Tuesday, March 23, 2004 | 1 comment(s)
The Coquille Economic Development Corporation has completed its purchase of 50.5 acres of North Bend waterfront property from Weyerhaeuser Co., opening the way to the development of lands that have lain dormant since the wood-products firm abandoned its sawmill and shipping facility there.
In a Friday press release, CEDCO, the economic arm of the Coquille Indian Tribe, announced the closing of the land sale, more than three months after the two companies first announced a deal was imminent. The sale follows a 75-day due-diligence period during which Weyerhaeuser executives reviewed the tribe's offer.
Terms were not disclosed on Friday. In December, CEDCO chief executive Brady Scott said the purchase price was close to the timber company's last quoted figure in January 2003, about $6.5 million.
Also Friday, the development agency announced it purchased the 1-acre site of the former Cutlips Creamery building, northwest of the Weyerhaeuser land, which has been on sale for several years. That property will be integrated into the newly purchased waterfront lot, according to the tribe.
The site of a Weyerhaeuser sawmill between 1950 and 1989 - the former mill building to the south later formed the kernel of The Mill Casino-Hotel, opened in 1995 by the Coquille tribe - the waterfront property has not been used since 1999, when the timber company closed its lumber and wood-chip export terminal there.
Sale negotiations between Weyerhaeuser and CEDCO began in 2001 and the two sides completed a tentative deal in late November 2003.
CEDCO's announcement said the Coquille tribe is developing a master plan for the former Weyerhaeuser and Cutlips lands, possibly including retail stores, but gave few other details.
Scott, the tribal company's CEO, has said the redevelopment plan will include improved waterfront access and links to the North Bend Urban Renewal Waterfront Project directly to the north. Work on the master plan, which also may feature the construction of a recreational vehicle park, was set to begin two months after completion of the purchase and be finished six to 12 months later, he said in December.
Scott was returning Sunday night from an Oregon trade mission to China and could not be reached for comment.
In a Friday press release, CEDCO, the economic arm of the Coquille Indian Tribe, announced the closing of the land sale, more than three months after the two companies first announced a deal was imminent. The sale follows a 75-day due-diligence period during which Weyerhaeuser executives reviewed the tribe's offer.
Terms were not disclosed on Friday. In December, CEDCO chief executive Brady Scott said the purchase price was close to the timber company's last quoted figure in January 2003, about $6.5 million.
Also Friday, the development agency announced it purchased the 1-acre site of the former Cutlips Creamery building, northwest of the Weyerhaeuser land, which has been on sale for several years. That property will be integrated into the newly purchased waterfront lot, according to the tribe.
The site of a Weyerhaeuser sawmill between 1950 and 1989 - the former mill building to the south later formed the kernel of The Mill Casino-Hotel, opened in 1995 by the Coquille tribe - the waterfront property has not been used since 1999, when the timber company closed its lumber and wood-chip export terminal there.
Sale negotiations between Weyerhaeuser and CEDCO began in 2001 and the two sides completed a tentative deal in late November 2003.
CEDCO's announcement said the Coquille tribe is developing a master plan for the former Weyerhaeuser and Cutlips lands, possibly including retail stores, but gave few other details.
Scott, the tribal company's CEO, has said the redevelopment plan will include improved waterfront access and links to the North Bend Urban Renewal Waterfront Project directly to the north. Work on the master plan, which also may feature the construction of a recreational vehicle park, was set to begin two months after completion of the purchase and be finished six to 12 months later, he said in December.
Scott was returning Sunday night from an Oregon trade mission to China and could not be reached for comment.
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