A letter of intent between the Port of Portland and the Portland Diamond Project (PDP) calls for the private group to pay up to $1.5M over two years to "exclusively negotiate redevelopment of a waterfront site" for a potential MLB-caliber ballpark, according to Everton Bailey Jr. of the Portland OREGONIAN. The group would then "pay the Port at least $900,000 a year as they build out the property." The Port "signed off on the letter Nov. 28" and the PDP "agreed the next day." The letter of intent said that both sides now have "six months to inspect the property and complete any other feasibility analysis they feel is necessary." During those six months, the PDP is "required to inform the Port of plans related to the proposed venture, including the group's ownership structure and other financial information that explains how it will be able to execute the deal." The letter said that the property lease will "have an initial term of 55 years, with three options to extend for ten years each." The letter "doesn't disclose how much the group would pay to rent the land." Any annual rent payments will be "based on market rates." The PDP will be "responsible for all improvements, required permits, development and other fees and charges related to development and use of the site." The Port's nine-member commission has to approve a deal before the PDP would be "given control of parts of the site" (Portland OREGONIAN, 12/27).
