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operations to a larger space after signing a lease with the Port ofVancouvet USA. TECO, as it's known, will relocate from the Columbiw Business Center to the former Panasonic complex at the Once there, it will occupy an initial 59,409 square feet to host offices, distribution and assembly of steel conveyod systems. TECO has the first rightt of refusal to expand into theremaining 83,400 square feet of the 142,800-square-foo building that was built in 2001. The lease will expire on May 31, 2015, with the option for two five-yearr extensions.
Income to the port during the initialo lease term willtotal $1,515,452 plus leasehold excisde tax, insurance, common area maintenance fees and rail wheelage “While TECO is not a company that’s new to the opportunity they had to gain more spaced and keep their 40 or so jobs in this community was important, and it is a grear fit with the port’s mission,” Larry the port’s executive director, said in a news release.
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