Oregon City, Metro and Clackamas County in Oregon might soon bid on Blue Heron Paper mill site in Oregon City at same or more favorable terms than received with US$2.2M offer from Washington developer Megarock, which has said it would close deal by May 7
Debra Garcia
PORTLAND, Oregon
,
April 26, 2014
(Oregonian)
–
Oregon City, Metro and Clackamas County may make a last-minute bid on the 23-acre Blue Heron paper mill property.
The site, adjacent to Willamette Falls, has been on the market for more than three years and three buyers have backed away from a deal.
The property is in the hands of a bankruptcy court trustee who has an offer of $2.2 million from a Washington developer, Megarock LLC.
A bid from Oregon City and its partners would have to be submitted by 5 p.m. Monday and would have to be at least $2.3 million.
The bid also would have to be on the same or more favorable terms than the Megarock offer.
Megarock said it would close the deal by May 7.
It’s up to U.S. Bankruptcy Court Judge Randall Dunn to approve the purchase at a hearing on Thursday.
Oregon City Mayor Doug Neeley disclosed the city’s intent to make a bid this week.
Neeley would not answer questions about the proposal, but said Metro and Clackamas County would be the obvious investment partners. They both have been involved in the planning for public access to Willamette Falls.
Clackamas County Chairman John Ludlow said his board would discuss the overbid in a closed session Monday morning.
Blue Heron Paper Co. filed for bankruptcy in 2009 and closed for good in February 2011.
Oregon City would like to see the site redeveloped and has been working with the county, Metro and the state on a plan to build an esplanade along the Willamette River that connects the downtown business district and the falls.
(c) 2014 Oregonian Publishing Co.
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