PORT COMMISSION APPROVES ALCOA PURCHASE & SALE AGREEMENT (6/26/07)

For Immediate Release

VANCOUVER, Wash. - The Port of Vancouver Commission today unanimously approved a purchase and sale agreement (PSA) to purchase the industrial, waterfront property currently owned by Alcoa, Inc.

The port and Alcoa reached a general agreement on the purchase and sale in January of 2007 and the parties signed a letter of intent on February 1. The negotiations of the PSA have been ongoing since February 2007.

The purchase and sale agreement provides the direction and conditions under which the transaction will be completed. Some of the conditions are:

• Approximately 107.3 acres, to be confirmed by ALTA Survey;
• Agreement includes the alumina unloading dock, silos, conveyors, rail load out and accessory structures and equipment for the operation of the unloading facility;
• The site will be cleaned by Alcoa to MTCA industrial standards – enforced by the Washington State Department of Ecology;
• Purchase price of $23,750,000;
• Closing no earlier than December 31, 2007 or later than June 30, 2008;
• Subject to final passage of an Industrial Development District levy; and
• Allows for timely construction of the Port’s West Vancouver Freight Access Project.

Projections by Martin & Associates in July 2006 estimate an additional 1,900 direct living-wage jobs with benefits, $64 million in direct income annually and approximately $24 million in tax revenue annually for the community when both the Alcoa and Evergreen properties are combined.

* * * * * * * *

The Port of Vancouver, USA, created by Clark County taxpayers in 1912, is one of the major ports on the Pacific Coast. Its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a dependable labor force and an exceptional level of service to its customers and community.

- POV -