The public learned about the Port’s intent to purchase 1,300 acres on the North Spit in an October 2005 article in the local paper. Prior to that, the project had been kept a secret and even had a secret code name “Project Phoenix” and presumably a secret handshake was required before members of the secret club were allowed to discuss it, in secret.

It’s been known as secretly as Project Phoenix.

Such lofty names aren’t uncommon for endeavors the Oregon International Port of Coos Bay considers sensitive in wooing manufacturing or other industrial business to Coos Bay’s North Spit.

But this project is going public.

Last week, the Coos County Urban Renewal Agency agreed to help the port in its efforts to buy land on the North Spit. This week, the port aims to mail out a $15 million loan application to the Oregon Economic and Community Development Department.

In April of 2006 the board witnessed a presentation by Jeff Bishop, executive director of the Port to prepay $25 million to Weyerhauser for an option. The money was borrowed from Umpqua Bank and the State and all costs are underwritten by Jordan Cove Energy Partners. Assuming Jordan Cove remains solvent and does not, as did Bradwood Landing, file bankruptcy the Port’s risk is minimal but Bishop’s presentation doesn’t really discuss risk.

The commissioners received an information packet, part of which can be found here and offered the opportunity to deliberate before agreeing to prepay $25 million. As you will see from the video, deliberations took less than fifteen seconds.

The commission regards the property as an opportunity for a cargo dock despite study indicating it would not be economically viable. This would not be the first time millions of dollars were spent on a project without applying sound fiscal principals and market analysis. Nikki Whitty and Gary Bauer of NW Naturaltestified before a House Revenue Committee in 2007 that the $51 million gas pipeline was never considered viable.

Gary Bauer of NW Natural testifies that the 12″ pipeline was “never considered economic” . Bauer said when first negotiating with the County the project did not “meet the test” to make it feasible…

More on this topic over the next few days…