The Port of Toledo has successfully applied for funds from the State to purchase the former Fred Wahl Boatyard at Sturgeon Bend in Toledo, Oregon. The Port received its letter of award on Tuesday, October 13, 2009, informing the Commissioners and staff that Oregon Business Development Department’s new Infrastructure Finance Authority will award a $1.2 million loan from the Port Revolving Fund. An additional grant for $350,000 has been approved by the Governor from the Strategic Reserve Fund. These awards secure the needed funding to close on the purchase with Fred Wahl.
Trace amounts of contaminants were discovered in the sediments in the waterway adjacent to the property. The upland areas tested qualify for a 'no further action required' ruling, with a deed restriction placed on the property that calls for industrial uses only. The contaminant clean-up will be aided with the recent award of a $250,700 Brownfields Redevolpment Fund Grant from Business Oregon, using lottery funds.
A prospective purchaser agreement will be entered into between the Port and DEQ. We hope to have the transaction completed by mid-July.