Port plans sale of downtown property to LOTT

The Port of Olympia is working on plans to sell a parking lot on 608 Washington Street to LOTT Clean Water Alliance.

The Port Commission adopted a resolution declaring the property as surplus to the Port’s needs at its meeting yesterday, May 8. The resolution also removes the property from the Port’s comprehensive scheme of harbor improvements and allows for a negotiated transfer with LOTT, which the Port would vote on at a future meeting this month.

Documents prepared for a meeting in April explained that LOTT sees the property as the location of a future expansion for the Budd Inlet Treatment Plant. The Port and LOTT have been working on transferring the property for a while now, having signed a memorandum of understanding in December 2021 to evaluate the sale of two parking lots on Washington Street. LOTT ultimately decided to move forward with just the 608 property.

Port Operations Director Rudy Rudolph said at this week’s meeting that the Port would continue to use the property as LOTT does not need it immediately. To accomplish this, the Port and LOTT would also have a leaseback agreement, allowing the Port to lease the property for $1 a year for up to five years.

LOTT would have up until 2050 to complete the intended improvements. If LOTT’s plans do not materialize, the Port would have the option for the Port to purchase back the property.