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For Immediate Release

COMMISSION AGENDA TO INCLUDE ALCOA, EVERGREEN PURCHASE AGREEMENTS

December 6, 2007 -- VANCOUVER, Wash.-The Vancouver Port Commission will consider a staff recommendation to execute proposed purchase and sale agreements for the Alcoa Aluminum and Evergreen Aluminum LLC properties at its regular meeting on Tuesday, Dec. 11.

The open public meeting, which will also include another 13 action items as the last meeting of the commission in 2007, begins at 9:30 a.m. at the port’s Commission Room (3103 NW Lower River Road, Vancouver), and will be carried live on CVTV Channel 21. The CVTV coverage will also be streamed live online at www.cvtv.org.

Among the 14 action items are: the port’s strategic plan; two proposed property acquisitions; five leases with port tenants; rail project actions; grading, construction and contract extensions; and a resolution in honor of outgoing Commissioner Arch Miller.

Strategic Plan

The port’s strategic plan for 2008-2017 is complete and will be presented to the commissioners for their approval. The plan will be officially implemented upon commission approval.

Property Acquisitions

Purchasing the Alcoa & Evergreen properties is critical to the port as it looks to expand rail service to accommodate business growth for its current customers – particularly those who use rail service – and to add industrial property that is shovel-ready for new customers to move to the port.

At Tuesday’s commission meeting, staff will ask Commissioners Arch Miller, Brian Wolfe and Nancy Baker to authorize Executive Director Larry Paulson to sign a purchase and sale agreement (PSA) with Evergreen Aluminum LLC to purchase its property for an amount not to exceed $24.5 million. The property amounts to 110.87 acres.

Commissioners will also be asked by staff to authorize Paulson to sign an addendum to the purchase and sale the port had previously signed with Alcoa Aluminum, which would finalize the terms of the agreement. The Port Commission approved the PSA with Alcoa on June 26, 2007 pursuant to the passage of its proposed Industrial Development District (IDD) levy, which failed in the August primary election. After the levy’s defeat, the port and Alcoa continued negotiating and reached a proposed addendum to the PSA, which is what the Commission will consider at this meeting. Purchase price of the 107.3-acre Alcoa property is $23,750,000.

Leases

Included among the leases that staff will ask the commission to authorize action on are: ground lease for Kinder-Morgan (bulk cargo handler); a sub-lease to Kinder-Morgan; a lease amendment with MSI; and a construction lease for schedule one of the West Vancouver Freight Access rail project.

Rail Project Actions

The commission will be asked to authorize Paulson to sign a Rights of Entry Agreement and a Construction and Maintenance Agreement for the West Vancouver Freight Access Project, and to authorize Paulson to sign a contract to begin construction on Schedule 1 of the rail project.

Parcel 8 Early Grading

Staff will ask the commission to authorize Paulson to sign a contract to commence work on the early grading of Parcel 8 located on the former Rufener Farm property north of Lower River Road from the currently-developed port property. This project will prepare the property as shovel-ready, light industrial property.

Building 2401 Floor

Staff will ask the commission to authorize Paulson to sign a contract to begin construction of a new concrete floor in the port’s Building 2401 – currently leased by IMS Electronics Recycling.

Contract Extensions

Staff will present to the commission a list of contracts that are due for extension into 2008, and request that commissioners authorize moving forward with the contract extensions.

Arch Miller Resolution

In honor of 18 years of service by Port Commissioner Arch Miller, who will be leaving the commission at the end of the year, Commissioners Wolfe and Baker will be asked to approve Resolution 16-2007 in honor of Arch Miller. A brief presentation will accompany the resolution action.

Port Commission meetings are normally scheduled on the second and fourth Tuesdays of each month, and since the fourth Tuesday of December is on a holiday, the Commission will combine two meetings into one with the December 11 meeting.