Port authorizes sale of parking lot property to LOTT on Washington Street

The Port of Olympia Commission authorized Executive Director Sam Gibboney to authorize the sale of a parking lot on 608 Washington Street to LOTT Clean Water Alliance for $1,130,000 on Monday, May 22.

LOTT intends to expand the Budd Inlet Treatment Plant into the property as part of its master plan.

Port Operations Director Rudy Rudolph said that the expansion would not happen right away, so the Port may continue to use the lot for parking. This arrangement is made possible as the purchase agreement comes with a leaseback clause so that the Port can lease the lot for $1 a year for up to five years.

LOTT would complete the payment at the transaction’s closing, with the proceeds going towards the Port’s real estate reinvestment fund. The agency intends to purchase the property “as is,” meaning it is buying the lot in its current state, with the Port presenting no warranties.

If LOTT decides before December 2032 that it does not intend to proceed with the expansion and instead resell the property, the Port would have the right of first refusal, allowing the Port to be first in line for any sales offer.

According to a 2021 memorandum of understanding between the two parties, LOTT initially considered the purchase of two Port-owned parcels.

The other property was 620 Washington Street, which LOTT decided not to purchase after the appraisal of the two properties.