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Weyerhaeuser Property Purchase

In June 2006, the Oregon International Port of Coos Bay finalized a property purchase agreement with the Weyerhaeuser Company for the acquisition of 1,300 acres of land on the North Spit of lower Coos Bay.  This property is predominantly within a portion of the North Spit long designated and zoned for industrial and marine industrial development.  Prior to the agreement, the Portís holdings on the North Spit consisted of several non-contiguous parcels totaling less than 110 acres. 

This purchase is being financed by two loans; one in the amount of $15 million from the State of Oregon's Oregon Economic & Community Development (OECDD) Department Special Public Works Fund, and one in the amount of $10 million from Umpqua Bank.  The Port originally had a two-year option to complete the purchase agreement with Weyerhaeuser or all funds would be returned.  The original option was extended for six months during the spring of 2008.  In the fall of 2008 an additional one-year option extension was negotiated and approved by all parties, which extends the option period through December 2009. An additional one-year option extension was approved through December 2010, with a six-month extension upon six months' notice.

Weyerhaeuser Company terminated operations at its North Spit paper mill in 2003 and much of its adjacent property has not been in productive use for several decades.  Pursuant to the Portís Vision and Mission, Oregonís bay area will benefit significantly when these North Spit lands are fully utilized for industrial development and job creation. 

Project Status:  The Port is continuing its due diligence activities on the property involving environmental investigations, wetland assessments and development planning.

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