The three-member governing board for the Port of Longview voted to repurchase 35 acres of port-area property for $3.15 million, albeit at a nearly 50 percent mark-up over what it sold the property for three years ago.
The port originally purchased the property for $50,000 an acre in 1996 as part of a larger 120-acre purchase from International Paper.
In 2006 Simpson Timber Co. bought the 35-acres from the port for $62,000 an acre with the intention of building a sawmill on the site. The lumber firm eventually decided not to build the sawmill and instead purchased an existing mill nearby in 2007. The port's repurchase price approved Tuesday figures out to $90,000 an acre, giving Simpson a $1 million profit on the property.
Port economic development officials said they are in talks to bring a new industrial tenant to the repurchased site.
Since 2007 the site had become embroiled in legal action after Simpson sold the property to a third party. A Superior Court Judge eventually rescinded the sale and ordered the property transferred back to Simpson this April, making way for the resale to the port.
The port originally purchased the property for $50,000 an acre in 1996 as part of a larger 120-acre purchase from International Paper.
In 2006 Simpson Timber Co. bought the 35-acres from the port for $62,000 an acre with the intention of building a sawmill on the site. The lumber firm eventually decided not to build the sawmill and instead purchased an existing mill nearby in 2007. The port's repurchase price approved Tuesday figures out to $90,000 an acre, giving Simpson a $1 million profit on the property.
Port economic development officials said they are in talks to bring a new industrial tenant to the repurchased site.
Since 2007 the site had become embroiled in legal action after Simpson sold the property to a third party. A Superior Court Judge eventually rescinded the sale and ordered the property transferred back to Simpson this April, making way for the resale to the port.
