The Port of Olympia commission on Monday is set to discuss a 95-acre ground lease with Swire Coca-Cola, a regional bottler.
“This facility would be a manufacturing use, employ up to 600 individuals, and provide a community investment of approximately $500 million,” the commission agenda for Monday’s meeting reads.
The lease term is up to 75 years and would pay the port about $2 million per yer, according to the port.
The 95-acre tract is located in the southeast corner of Olympia Regional Airport, not far from Old Highway 99. In May the port commission voted 2-1 to approve an option agreement for the land with a business called CRG. However, the option agreement was structured in such a way that should another opportunity arise, the port retained the right to do business with the other party and not CRG.
Swire Coca-Cola is that other party, a port official confirmed Sunday.
According to the port, Swire Coca-Cola bottles and distributes Coca-Cola and other beverages in 13 states. Founded in 1978, Swire is based in Draper, Utah, near Salt Lake City, and it employs close to 7,400. In Washington, Swire already employs 1,034 people across seven facilities, with an annual payroll of $79.3 million.
Swire delivers about 700 products to more than 8,800 outlets, according to the port.
The ground lease is on the port’s advisory calendar, meaning the commission is only going to discuss the lease, but not vote on it. A commission vote is expected to take place Dec. 12, according to the agenda.
The port meeting is at 5:30 p.m. Monday, Nov. 28, at the Percival Plaza Olympics Room, 626 Columbia St. NW, Olympia. It also can be watched online.