Northwest Innovation Works terminates lease with Port of Tacoma
After 24 months of studying the feasibility of developing a methanol plant on the former Kaiser smelter site, Northwest Innovation Works has exercised its option to terminate the lease, effective immediately.
The lease allowed NWIW to either terminate the lease during the remainder of the feasibility period, which runs through April 30, or enter the construction period of the lease. The lease’s construction period would have required the company to increase its lease payments.
The April 25 special commission meeting to consider an extension to the lease’s feasibility period has been canceled.
We appreciate public input and understand that questions remain unanswered. We hope the community better understands the role the environmental review process plays in answering these questions.
We also hope the community recognizes the incredible value industrial jobs contribute to our region’s economic vitality.
We remain committed to diversifying our business portfolio and putting the former Kaiser site back into productive use. We will assess how to move those plans forward.
We are confident we will find a suitable use for this valuable industrial site to create jobs and economic opportunities for our community.