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 Coos Bay’s North Spit.  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 Port’s 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 has a two-year option to complete the purchase agreement with Weyerhaeuser or all funds are returned. 

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 Port’s Vision and Mission, Oregon’s bay area will benefit significantly when these North Spit lands are fully utilized for industrial development and job creation. 

Project Status:  The Port is currently pursuing due diligence on the property involving environmental investigations, wetland assessments and development planning.  The port has filed a 6 month extension on this project.

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