PORT ANGELES — Harbor-Works officially dissolved Friday and returned $168,734.29 to the city of Port Angeles.
Half of that money will go to the Port of Port Angeles.
Orville Campbell, who served as Harbor-Works’ chairman, said former Executive Director Jeff Lincoln has been paid his $74,306.87 severance.
The city and port each loaned the Harbor-Works Development Authority $650,000 from their economic development funds.
The money returned Friday is what’s left of those two loans, and both the city and port will deposit it back into their economic development funds.
With interest, the amount Harbor-Works owed to the city and port totaled $1,319,263.20.
The city, with support from the port, created Harbor-Works in May 2008 to acquire and redevelop Rayonier Inc.’s former mill site and assist in its environmental cleanup.
Rayonier ended negotiations with the public development authority in July, and the Harbor-Works board moved for dissolution in September.
The City Council approved dissolution Oct. 19.
Before it dissolved, Harbor-Works placed $13,250 into a trust account to cover any other bills that it may receive. Any funds left in that account after one year will be returned to the city and port.
Harbor-Works’ records have been deposited with the state archives in Olympia.
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Reporter Tom Callis can be reached at 360-417-3532 or at tom.callis@peninsuladailynews.com.
