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Economic and dam related articles

Land Acquisition Suits Vancouver Port

by Larry Paulson
Portland Business Journal, January 13, 2008

The Port of Vancouver USA and the Port of Portland both recently entered into property acquisition deals - to restore under-utilized industrial land to productive use.

In Vancouver, the port recently reached purchase and sale agreements with Alcoa Aluminum and Evergreen Aluminum LLC to buy the properties that formerly hosted aluminum smelters and extrusion facilities. This will create a significant number of industrial jobs for our community. The Port of Vancouver paid a combined $48 million for the two properties.

The Port of Portland recently completed its purchase of the Reynolds Aluminum property in Troutdale, Ore., paying a total of $17.25 million to create the Troutdale Reynolds Industrial Park.

A simple comparison of the properties shows that while increased economic value is the purpose, the transactions differ significantly.

At Alcoa/Evergreen:

The properties that the Port of Vancouver has agreed to purchase - and it should be clear that the sales have not yet closed and the port does have escape clauses in both agreements - are currently being cleaned to industrial standards set by the Washington State Department of Ecology.

In this remediation, Alcoa and Evergreen are paying for the cleanup and capping measures on both parcels. The port will bear the cost of environmental monitoring into the future, but that's normal for any port property that has been cleaned up.

By contrast, at the Troutdale Reynolds property, the Port of Portland will need to invest heavily to make the property usable, and half of the land is unlikely to ever be developed. Here's a little more information about the Troutdale Reynolds property as it currently stands:

Two different properties, two different deals, and two different outcomes for their communities.

Larry Paulson is executive director of the Port of Vancouver USA.
Land Acquisition Suits Vancouver Port
Portland Business Journal, January 13, 2008

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