Project Phoenix
Friday, October 21, 2005 |
LETTER OF INTENT: The Oregon International Port of Coos Bay has agreed to an option to purchase Weyerhaeuser’s 1,300 acres of land on the North Spit. An estimated 600 acres is readily developable, with the rest being tied to wetlands and mitigation.
COST: $25 million would be financed by $15 million state loan and a temporary $10 million private loan from Umpqua Bank, ultimately to be paid off with tax and lease revenues from proposed liquid natural gas terminal development.
TIMELINE: The port and Weyerhaeuser have two years to execute a final deal.
RESULT: If realized, project would lead to berthing area to service LNG terminal and serve as general cargo loading dock for entire port.
Deal details
WEYERHAEUSER WANTS: The $25 million in cash. A guarantee it could buy back up to 20 acres of property near the proposed cargo terminal with rail access within 10 years should it choose at $50,000 per acre. First mineral rights buyback. Guarantee the port will pay $15,000 per acre if additional sale acreage is deemed developable.
JORDAN COVE WANTS: 200 acres of zoned industrial land for liquid natural gas import terminal and cargo berth. No price or land lease have been settled, but the deal would have to cover the port’s costs of financing the purchase.
Source: Oregon Int’l Port of Coos Bay
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