Port of Vancouver, Vancouver Energy agree to end lease a month early

The two entities have mutually agreed to end the lease on Feb. 28

The Port of Vancouver USA and Vancouver Energy have mutually agreed to end Vancouver Energy’s lease a month early, on Feb. 28, 2018. Vancouver Energy will donate its March lease payment to support Southwest Washington nonprofits through the Vancouver Energy Community Fund.

“This makes a lot of sense for the port,” said Port CEO Julianna Marler. “We’ve been actively marketing Terminal 5 and there’s been a high level of interest. With this amendment, we would have the ability to market additional rail capacity at Terminal 5 as well as Parcel 1A, which is rail-served industrial property.”

The port’s Board of Commissioners voted 3-0 to delegate authority to Marler to approve a second amendment to lease that moves the termination date to Feb. 28, 2018. The lease was set to end March 31 if Vancouver Energy did not receive the necessary licenses, permits and approvals required to operate its crude oil transload facility at the port.

“This agreement with the port to end our lease a month early makes it possible for Vancouver Energy to contribute the March lease payment amount of $100,000 to support worthwhile community causes through our donor-advised fund in partnership with the Community Foundation for Southwest Washington,” said Jared Larrabee, Vancouver Energy general manager. “While the outcome of our project isn’t what we had hoped, we have worked closely with the Port of Vancouver USA for more than four years and appreciate the opportunity to conclude this effort on a positive note and in a way that benefits the community.”

“We appreciate the generosity of Vancouver Energy and their approach to this process,” Marler said. “Vancouver Energy and Jared have been very strong partners. The (Energy Facility Site Evaluation Council) process took a lot longer than we anticipated. We worked very well together and came up with some creative solutions, and I just want to express my appreciation for their partnership and hard work.”