Friday, December 21, 2018

Boeing acquires option on 58-acre Everett property for potential new facility at Paine Field

Boeing and Snohomish County's Paine Field Airport have signed a deal for the company to potentially lease 58 additional acres for its sprawling Everett jet-manufacturing operations.

The option agreement, signed Dec. 11 by county officials and Boeing real estate manager Marc Poulin, says Boeing wants the property for "constructing additional aerospace manufacturing facilities and supporting infrastructure, including a taxi lane" to support existing Everett operations.

Boeing Commercial Airplanes spokesman Paul Bergman said the company acquired the option to support "anticipated capacity requirements for airplane storage and ongoing business needs at the Everett Modification Center and Everett Delivery Center."

Boeing agreed to pay the county $123,374 in 2019 for an exclusive one-year option to lease the extra property on the west side of the airport business park.

The option can be extended a second year for $123,374 more, county records state.

That deal now allows Boeing, at its own cost, to carry out detailed engineering studies on the property, including soil tests and borings, to determine its suitability.

Boeing makes 787 Dreamliners and 747 Freighters at its multi-building Everett manufacturing complex.

It also makes 767 freighters and uses 767 airframes and converts them into military KC-46 aerial refueling tankers at the Everett Modification Center.

This summer, Boeing parked several KC-46 tankers in various stages of completion on Paine Field airport taxiways, including some without engines. Months later, the U.S. Air Force still hasn't accepted its first KC-46 tanker for delivery.

Boeing also needed extra space to park 737s earlier this year in Renton after suppliers were late with fuselage and engine deliveries. But last week Boeing released data showing the company has started to recover from those challenges.

Boeing also is weighing plans to build a New Mid-Market Airplane, which some have called the 797, and expects to decide to go ahead with the new jet or not in 2019.

Washington state is working to persuade Boeing to build the proposed new wide-body jet here.

Bergman noted Boeing's long-standing relationship with the Snohomish County airport for airplane manufacturing and pre-delivery activities at the Everett site.

"We are committed to real estate solutions that benefit both the company and the surrounding community and that support the continued Boeing investment in Everett," Bergman said in an email.

Snohomish County records state if Boeing executes its option and signs a long-term property lease, it would generate $1.23 million per year in rent revenue for the Paine Field Airport Fund.

The Everett Herald first reported Boeing's lease option agreement on Monday.

(Andrew McIntosh - Puget Sound Business Journal)

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