COOS BAY, Ore. — Developers hoping to build a liquefied natural gas terminal on the North Spit of Coos Bay have pushed back plans to start construction until spring 2011.
International Port of Coos Bay commissioners agreed Friday to extend their three-way purchase option for 1,300 acres of Weyerhaeuser Co. land with Jordan Cove Energy Project.
They also tentatively approved an 18-month extension that would keep the option good through the middle of 2011. Port staff plan to present a final deal at a Nov. 19 commission meeting.
The parties previously extended the contract by a year twice, but Bob Braddock, Jordan Cove's project manager, said developers need more time.
The company now intends to make a final investment decision in fall 2010. If it chooses to proceed, it would close on the land deal in late spring 2011 and start construction immediately.
Posted in News on Saturday, October 31, 2009 12:00 am
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