Port Amends Terminal 1 Purchase-and-Sale Agreement

PORTLAND-The Port of Portland Commission Wednesday approved a set of changes to the agreement for the sale of the southern 15.59-acre half of the port’s Terminal 1 marine facility, located on the west bank of the Willamette River near the Fremont Bridge.

Under the previous agreement, the buyer was to close by June 30, 2002.The changes give the buyer until June 30, 2003, to complete the purchase, and also clarify the Port’s responsibility for investigating and cleaning up contaminated soils on the site.

The buyer is Riverscape LLC, an Oregon company whose managing member is Tiger Properties LLC, which is comprised Portland’s Thomas Kemper and Seattle-based investors Stan Harrelson and John Goodman. The Port says it and Riverscape jointly determined the original time frame would likely be too short to obtain state environmental approvals and remove contaminated soils from the property.