Ports plan to submit the agreement to the Federal Maritime Commission in June.
The Port of Seattle and the Port of Tacoma have released a draft of the final agreement for their Northwest Seaport Alliance.
The Northwest Seaport Alliance will unify the two ports’ marine cargo terminal investments, operations, planning and marketing. It aims to strengthen the Puget Sound ports and attract more marine cargo to the region.
“We intend to make our organizations stronger and more sustainable to better serve our customers, grow our regional economy and address unprecedented competition facing the shipping industry,” said Don Johnson, Port of Tacoma commission president.
The Northwest Seaport Alliance’s governance charter, management and financial structures, a transition plan and a business development strategy.
While the ports will remain separate organizations that retain ownership of their respective assets, they will form a port development authority (PDA) to manage the container, breakbulk, auto and some bulk terminals in Seattle and Tacoma. The airport, cruise business, marinas, such as Fisherman’s Terminal, grain terminals and industrial real estate, such as the Northwest Innovation Works and Puget Sound Energy facilities and Terminal 91 uplands, will remain outside the Alliance.
The commissioners expect to hire John Wolfe, current Port of Tacoma chief executive officer, as the CEO of the Seaport Alliance following the FMC’s approval of the agreement. Wolfe would lead both organizations through a transition period of up to five years before handing over his Port of Tacoma duties.
The two port commissions expect to consider submitting the final agreement to the Federal Maritime Commission at a joint public meeting June 5 at Auburn City Hall, and are seeking comments on the agreement throughout May.
Seattle, Tacoma release draft of Northwest Seaport Alliance agreement
