Update, 1:30 p.m. Wednesday:
WENATCHEE — Port of Chelan County commissioners authorized the purchase of the Executive Flight building in East Wenatchee during their meeting Wednesday.
The Port will now enter into a 20-day due diligence period to further review the property, Executive Director Jim Kuntz said Wednesday. If no problems are identified, the sale could close by the end of October.
EAST WENATCHEE — The Port of Chelan County plans to buy the Executive Flight building next to Pangborn Memorial Airport to house its newly established regional port authority.
Port of Chelan County commissioners will meet Wednesday to discuss the $4 million purchase, Executive Director Jim Kuntz said Tuesday.
If approved by the commission, the sale will close Oct. 31 and Port of Chelan County staff will begin moving in during November, Kuntz said. Airport administrative staff will also move from the airport terminal to the Executive Flight building across the runway.
The Port of Douglas County already leases some of the building, so consolidating office space there was an early priority of the Chelan Douglas Regional Port Authority, which was approved by each commission in June. It’ll begin official operation Jan. 1.
“The vast majority of employees will all be in one office, which will help with efficiency,” Kuntz said.
The Port of Chelan County’s current office space in Olds Station will be leased out as soon as the purchase is approved, Kuntz said.
The Port will pay for the Executive Flight building through a 10-year payment plan with the company, Kuntz said. First, there will be a $1 million up-front payment made out of the Port’s general fund.
Then they’ll pay only interest on the remaining balance for the next five years. At that point they’ll make another $1 million and continue regular payments until the balance is paid off.
The $60-per-square-foot purchase price, when combined with the location and payment plan, makes it a great deal for the Port, Kuntz said.
“Executive Flight came to the table with a very favorable financing plan,” he said.
The payment plan was set up to give the Port time to devise a business plan for the property and build a tenant base, Kuntz said.
In addition to housing Port staff, the building’s two large display and maintenance hangers could provide an opportunity to attract new aviation businesses to the valley, Kuntz said.