Port Commission terminates Osprey Pointe Master Development Agreement

December 12, 2025

Pasco, WA – The Port of Pasco Commissioners unanimously elected to terminate its Osprey Pointe Master Development Agreement (MDA) with JMS Development, LLC.

The decision occurred during Friday’s Port Commission meeting following a presentation from JMS Development.

The Osprey Pointe Development process began in December 2019 when both parties signed a Letter of Intent (LOI). Since that time, the LOI was amended 10 times. The tenth amendment of the LOI occurred on May 24, 2023.

The MDA was originally signed on August 9, 2023. In September 2024, at JMS’ request the Commission approved a 12-month extension of the Master Development Schedule, which set new, delayed deadlines. JMS has not met the new project deadlines in the 2024 amended Master Development Schedule.

Earlier this year the Port of Pasco issued two notices of default indicating JMS’ noncompliance with the MDA and the amended schedule’s deadlines. JMS acknowledged that its only option to remedy the defaults was to ask the Port to extend the Schedule deadlines farther out and allow for more delay. JMS’ second proposed Schedule amendment also re-orients the Project to place more residential projects at the top of the Schedule, which is inconsistent with the prior Schedule and the Port’s vision and economic development priorities for the development.

Commissioners believe the Port has done everything possible to support advancement of the Osprey Pointe project. Key deadlines have been missed even after the Port granted the one-year extension in September 2024.

For Information, contact Adam Lincoln, Executive Director at (509) 547-3378.