waterfront-access-webAnother step in an ongoing effort to work collaboratively on projects related to Vancouver’s waterfront, Port CEO Todd Coleman signed the third amendment of a ground lease between the port and Columbia Waterfront, LLC on March 20, 2014.

 The amendment gives the port maintenance access to port property currently leased by Columbia Waterfront; and in exchange, Columbia Waterfront receives a reduction in future lease payments totaling $214,082. Closing the loop on this action item is just one of several measures the parties will take to fulfill a memorandum of understanding (MOU) agreed to in August 2012. The MOU outlines specifics on how the port and Columbia Waterfront will facilitate the construction and operation of their individual projects in a way that creates mutual benefit.

 The effort began in 2007 when the port leased 3.26 acres of port property to Columbia Waterfront, LLC to facilitate the company’s Waterfront Development project. At the same time, the port was starting construction of the West Vancouver Freight Access rail project, the timing and phasing of which were also in support of the city’s redevelopment efforts. A complex series of land exchanges and easement agreements were identified by the parties as necessary measures to accommodate both projects.

 The resulting documents, which include the ground lease, the MOU, and now three amendments, serve as the foundation for what is considered by many to be an innovative and remarkable public-private partnership. In fact, representatives from the port, the city and the development company were invited to make presentations on their accomplishments to both the Washington Public Ports Association and the American Planning Association.

 The port celebrates another move forward in this important effort.