Port closes on sale of land to Farwest Steel

Port closes on sale of land to Farwest Steel

VANCOUVER, Wash. – The Port of Vancouver USA today announced the closing of the sale of 20 acres of industrial land to Farwest Steel Corporation, one of the leading distributors, processors and fabricators of specialty steel products in the Northwest.  Closing is the final step in the real estate transaction between the two parties. 

The $5,082,500 sale is expected to bring up to 225 industrial jobs to Clark County.

“This is a good day for the port and our community,” said Port of Vancouver Commission President Brian Wolfe.  “Selling property is not something the port does often or without careful consideration, but we are confident that the sale to Farwest is the right thing to do and will result in good-paying jobs for Clark County residents both in the short-term and in the long-term.”

The decision to sell the property was made last year by the port’s board of commissioners on August 10, 2010.  As required by law, public comment on the proposed sale and action by the board declaring the property as surplus occurred in June of 2010, preceding the commissioners’ unanimous decision to sell.

Also part of the process was development of a Purchase and Sale Agreement between the port and Farwest that set strict criteria for the sale, including a requirement that the land be used for industrial purposes; a minimum job requirement; and a repurchase clause if the company does not start construction within 12 months, decides to sell the land or ceases operations. These covenants ensure that the commission’s criteria for the sale are protected.

Farwest operates several facilities in Oregon, Washington, California, Idaho and Utah and plans to consolidate some of their distribution, processing and fabrication operations in Vancouver. Approximately 100 jobs will be relocated to the port, with plans to add an additional 125.

Farwest will generate sought-after family wage jobs, paying an average annual wage of approximately $40,000, with benefits.

Farwest plans to construct a $40 million facility that will contain its distribution, processing, fabricating and office support.  Construction is slated to begin in July of this year, with the facility being operational in 2012.

About the Port of Vancouver USA

The Port of Vancouver USA, created by Clark County taxpayers in 1912, is one of the major ports on the Pacific Coast. Its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a dependable labor force and an exceptional level of service to its customers and community.

The Port of Vancouver is in the midst of a year full of projects and developments that will lead to vital job creation, economic stimulation and environmental preservation. By diversifying its cargo mix between bulk commodities, break-bulk and project cargos, the port is responsible for job generation and significant contributions to the tax base for not only its own community, but also the state of Washington. Current expansion of the port’s rail system and development of new port industrial and marine properties will bring new jobs – both short term and long term – and the preservation of wetlands, the creation of enhanced wildlife habitat, and make way for more green/sustainable business partners operating from the port.