Methanol lease topic of Wednesday port meeting

Port of Tacoma commissioners, at a noon Wednesday meeting, will discuss contract terms with a company that wants to build the largest methanol plant in the world on the Tacoma Tideflats.

The lease with Northwest Innovation Works is currently in the “feasibility period,” during which the company pays $8,000 per month. That period is set to expire at the end of April. The company can back out during the feasibility period, but not in subsequent phases of the lease as it’s currently written. The company’s rent would also increase to around $270,000 per month.

Commissioners will discuss, but not vote on, a possible extension of that feasibility period at a noon Wednesday meeting at the Fabulich Center, Room 104 at 3600 Port of Tacoma Road. The commission will also accept public comment.

The port announced the meeting Monday afternoon. At a meeting two weeks ago, many business leaders asked the port commission to match the feasibility period to the length of environmental review.

However, many other residents have asked the commission to not extend the feasibility period.

This story was originally published March 28, 2016 at 10:00 AM with the headline "Methanol lease topic of Wednesday port meeting."