Snoqualmie Tree Farm sold to Hancock
October 2, 2008 · Updated 12:52 PM
SNOQUALMIE - Weyerhaeuser Co. announced Monday that it will sell the 104,000-acre Snoqualmie Tree Farm to Boston-based Hancock Timber Resource Group for $185 million. The sale is expected to close by May 1.
Word of the deal officially put to rest a more than year-long attempt by the nonprofit conservation group Evergreen Forest Trust to purchase the site by issuing tax-exempt bonds to fund the sale.
"We are disappointed but are not surprised," said Gerry Johnson, president of Evergreen Forest Trust. "We have been working with [Weyerhaeuser] for the past 15 months and they had been clear that it was necessary to generate cash from this sale."
Late last month the trust announced that federal legislation needed to allow a nonprofit to issue such bonds had cleared a major hurdle when it was approved by the House Ways and Means Committee. Members were hopeful that the legislation, which stalled last year in Congress, would be approved in the upcoming weeks.
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