COOS BAY — The feds haven’t granted approval for a liquefied natural gas terminal on Coos Bay’s North Spit, but developers received some good news on the local level.

The Oregon International Port of Coos Bay agreed Thursday to extend land purchase agreements with Jordan Cove Energy Project and Weyerhaeuser Co. The timber company would sell 1,300 acres of land on the North Spit to the port, which would transfer 147 acres to Jordan Cove. The port would retain the rest of the land, setting aside 48 acres to build a slip dock, which Jordan Cove would lease.

The deal is for $25 million, which the port previously paid to Weyerhaeuser through loans from Umpqua Bank and the state. Under the new deal, Weyerhaeuser will return the money, which will pay off the loans. The port then will make $450,000 quarterly payments to the company from $480,000 Jordan Cove pays to the port every three months. The LNG developer also will pay the port $600,000 during the first six months of the year-long deal. It includes one six-month extension, that must be exercised with six-months notice.

If Jordan Cove executes the deal, it will pay $11 million to the port, $10 million of which will go to Weyerhaeuser. The rest of the port’s payments to the timber company will come from taxes generated by the LNG terminal.

The new deal greatly reduces the port’s risk, since it won’t have $25 million debt and Jordan Cove would pay for any potential default costs, said Executive Director Jeff Bishop.

“That’s the beauty of this particular deal,” he said.

The port, which hasn’t spent any taxpayer dollars on the deal, has been paying interest on the loans since 2006 with Jordan Cove dollars.

Jody McCaffree, the leader of local opposition to the LNG project, urged the commission not to approve the extension. She said the property isn’t worth $25 million and the port would be better served pursuing renewable energy options.

“I think you are betting a lot on one industry,” she said.

The port commission voted 4-0 in favor of the agreement. Commissioner Jerry Hampel was celebrating his wedding anniversary and was excused, said Commission President David Kronsteiner.

Commissioner Dan Smith made the motion to approve the deal and Caddy McKeown seconded it. They joined Kronsteiner and Brady Scott in voting to accept the agreement.

After taking the vote, McKeown thanked Bishop for negotiating a good deal.

“We haven’t thanked you for the effort you put in, so I want to take the time to do that now,” she said.