News Release: Bureau of Environmental Services agrees to $12.5 million proposal by Lithia Motors for Terminal 1 property
The Bureau of Environmental Services (BES) announced today that it has accepted a proposal from Oregon-based Lithia Motors, Inc. for $12.5 million to buy Terminal 1.
The company has up to 120 days to conduct its due diligence on the 14.5 acre-property in prime industrial land in the Northwest Industrial District. That period will be followed by a 30-day closing before the sale can become final.
"I am pleased that Terminal 1 will be home to an Oregon-based company," said Commissioner Nick Fish. "This sale aligns with our commitment to maintaining Terminal 1 as prime industrial land and to the city's economic development strategy for the next 20 years."
The bid is $1.375 million higher than any of the other bids received.
"This is great news for city ratepayers," said BES Director Mike Jordan. "We are gratified that the proposal came in at a level that provides exceptional value to Portlanders."
Terminal 1, located on Northwest Front Avenue, is a large paved lot with a 96,000-square-foot warehouse and a 3.6-acre dock. BES purchased Terminal 1 in 2004 as part of the Big Pipe combined sewer overflow project and used it as a staging area for the billion-dollar construction project designed to divert stormwater runoff from the Willamette and Columbia rivers. With that project completed, BES no longer needs the property. For basic information on Terminal 1, visit www.portlandoregon.gov/bes/article/514449.
The Bureau of Environmental Services provides city residents with programs to protect water quality and public health, including wastewater collection and treatment, sewer construction and maintenance, stormwater management, and stream and watershed restoration. For news updates, follow @BESPortland on Twitter and visit www.portlandoregon.gov/bes/news.
News media contact: Diane Dulken 503.823.5328 email@example.com