Wasco County Proceeds With Basalt Commons Deal

Wasco County Commissioners on Wednesday voted to enter into an agreement to purchase the former Griffith Motors lot on 523 East 3rd Street in The Dalles, and then lease the property back to a group headed by developer Mary Hanlon for the long-discussed Basalt Commons mixed use development including 116 units of housing.  The County will purchase the property for $3,080,000, then lease it to TD3RD, LLC for $154,000 per year for the first five years of a 35-year lease, during which the company will have the option of purchasing the property for $3,180,000.  If the lease continues beyond five years, the annual payment will go up 3% a year.  County Commission Chair Scott Hege says they are using economic development funds for the transaction, and believes the project is an important step for the entire community with benefits “way beyond earning a return.”  According to information in the Commission’s meeting packet, this step sets the stage for Hanlon to proceed to loan documents and get an updated term sheet and construction bid, with a working start date of June 1 for the project.

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