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MEDIA CONTACT:  
Catherine Soper
Public Affairs Manager
425.388.0680
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Port Commission Approves Purchase of Riverside Business Park

Post Date:02/01/2005

The Everett Port Commission unanimously approved the purchase of its Riverside Business Park property by Sierra Pacific Industries at its February 1, 2005 Commission meeting.

Sierra Pacific Industries plans to construct a high-tech, state-of-the-art computerized lumber manufacturing and electrical co-generation facility on the former Weyerhaeuser site, and would employ more than 200 full-time employees, plus create another 220 indirect jobs for the local community. Based out of Redding, California, Sierra Pacific Industries is a privately owned company which currently has 12 sawmills in California and one sawmill in Aberdeen, Washington.

Total compensation for the purchase of the Riverside Business Park property is in the amount of $24 million. Sierra Pacific will purchase the majority of the property immediately, and have a three-year option on the remaining property. They will have 180 days from the execution of the Purchase and Sale Agreement, plus two 90-day extension periods, if necessary, to close on the property.

After finalizing design, securing permits and completing construction the estimated $80 million facility is expected to be operational as early as the 2nd quarter 2006.

For further information, please contact Eric Russell, the Port's Director of Properties, at (425)259-3164.

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