Salmon Bay Marina
Acquisition
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Item No. 6d_Supp
Date of Meeting December 5, 2017
Salmon Bay Marina
Maritime Property Adjacent to Fishermen’s Terminal
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• The property is an existing marina immediately adjacent to the western
edge of Fishermen’s Terminal.
o It contains six docks supporting 166 slips measuring 6,547 lineal feet of moorage on
freshwater Salmon Bay.
o The marina was developed in the early 1960’s and includes a small office building and
metal shed building (both to be demolished).
• The 5.06 acre site is comprised of 2.23 acres of upland and 2.83 acres of
fee-owned submerged land. An additional 1.73 acres of submerged land is
leased from the WA State Department of Natural Resources, for a total
submerged site area of 4.56 acres.
• The property has an approved Master Use Permit (MUP) for uplands
development and replacement of three existing docks by two new docks.
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Benefits of Acquiring Salmon Bay Marina
A Generational Opportunity to Acquire a Strategic Maritime Industrial Property
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• Strategic adjacent location to Fishermen’s Terminal
• Protection of maritime industrial property
• Supports existing and future maritime uses
• Generates current income to offset purchase price
• Already entitled to allow for construction of 60,000+
SF light industrial building (additional income)
• Increased Port over-water coverage ownership
Becomes part of a expanded Fishermen’s Terminal Redevelopment
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Dynamics
Salmon Bay Marina Adds Capacity As the Port Redevelops Fishermen’s Terminal
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• As new light industrial facilities are added at Fishermen’s Terminal
(FT) over the next few years, Salmon Bay Marina adds capacity as FT
gets denser.
o The additional parking, water access, and light industrial facilities at Salmon Bay
Marina would supplement long term operations at FT.
• There is also high demand for recreational boat slips. The Port
operates four recreational marinas and Salmon Bay would
complement these facilities.
• Port staff has developed significant core competencies for managing
recreational marinas and the acquisition contemplates adding
additional staff to operate Salmon Bay Marina.
Purchase Agreement Details
Safeguards in the Purchase Sale Agreement
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• Purchase price reflects deducts for brownfields contamination
($1,157,000)
• Port is receiving all historic insurance policies from seller to cover
potential future in-water claims. As a result, the Port is not receiving any
indemnification from Seller (nor are we indemnifying the seller).
• Among the existing boats moored at Salmon Bay Marina, approximately
10% of these vessels are derelict. These boats are not seaworthy and may
not have insurance. The Purchase Sales Agreement requires Sellers to
remove them prior to the Port taking position of the property. Port is also
requiring Seller to remove all houseboats as a condition of sale.
