Council OKs waterfront project payment delay
Wednesday, June 8, 2011
The Vancouver City Council agreed Monday night to delay by one year a private developer’s contribution toward paying for its waterfront road access project.
Vancouver is a year behind in a $44 million project to build roads that will connect the city’s downtown to the former Boise Cascade industrial site. Columbia Waterfront LLC — a group comprising Gramor Development of Tualatin, Ore., and its local investors — intends to build a $1.3 billion development including apartments, affordable housing, office, retail and restaurant space.
Gramor asked the city to defer its $350,000 payment to chip in on the public project this year. Developers agreed to pay $8 million of the waterfront access project, but because the city is a year behind, they asked the city council to amend the development agreement to put off their 2011 payment for one year. The group has already paid $1.15 million of that balance. The balance will be paid in full, just one year later.
The city council also approved taking out $11.2 million in bonds for the construction project Monday night.