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Port Buying Kaiser Aluminum Plant for $16.1M less Cleanup

TACOMA, WA-The sale agreement, which still must be approved by the U.S. Bankruptcy Court, includes about 96 acres and related structures located approximately four miles east of downtown Tacoma in the Tideflats industrial area, adjacent to the Blair Waterway, which the Port is redeveloping for container terminal use.

By Gina Binole | Updated on December 22, 2002

TACOMA, WA-The Port of Tacoma last week entered into a definitive agreement to acquire Kaiser Aluminum’s 96-acre property in Tacoma, Washington for $16.1 million, minus the cost to clean up the property. If approved by the U.S. Bankruptcy Court, the transaction is expected to close in the first quarter of 2003.

The sale includes about 96 acres and related structures and equipment located approximately four miles east of downtown Tacoma in the Tideflats industrial area, adjacent to the Blair Waterway, which the Port is redeveloping for container terminal use. If the sale is approved, the Port will pay Kaiser $12.1 million cash and set aside $4 million in escrow “to meet certain regulatory requirements related to preparing the real estate for future use.”

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