The Port of Hood River is considering purchasing a 16.3 acre lot located at Frankton and Country Club roads for $4 million — but a decision one way or the other won’t be made until after a 120 day due diligence period.
The Port signed a Lease and Mutual Options agreement with the landowner, Four Feathers Farm LLC, on July 15 that gives the Port 120 days to do due diligence work on the site, such as appraisals, tests, inspections, surveys and feasibility studies, and decide whether they want to purchase the property.
When the due diligence period ends on Nov. 12 — 120 days after the Port signed the agreement — the Port can either decide not to purchase the property, which terminates the agreement, or enter a lease agreement with Four Feathers and rent the 16.3 acres at a rate of $25,000 per month until the sale is officially closed.
The agreement dictates that Four Feathers must sell to the Port at the end of the due diligence period if the Port decides they want to buy the property, and that the sale would close within 30 days of the Port agreeing to buy.
The Port paid a $10,000 deposit as part of the agreement, but the Port will only pay Four Feathers the full $4 million if they decide to purchase the property.
The 16.3 acre lot in question is zoned for General Commercial use (UC2) and has been vacant since Wal-Mart acquired it in the early 2000s with the intention of building a super center. At the time, all buildings on the property — including numerous residencies, a mini-storage and a business — were removed, according to the Hood River County Planning Department.
The proposed super center was met with controversy from residents and potential litigation over land use issues with their design, and Wal-Mart ultimately abandoned their proposal and sold the land. Since then, subsequent owners have done some additional site work and put in some fill material, but no one has proposed formal developments on the property.
Because the property — located just off of I-84, exit 62, at the intersection of Country Club and Frankton roads — is within the City of Hood River’s Urban Growth Area, and because of current City policy about precluding new sewer connections outside city limits, Hood River County Community Development Director Eric Walker said that “any future commercial development proposal involving the property would likely trigger annexation into the City.”
The Port has yet to announce any potential development plans for the site.