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Rent Deferral Program

Post date: Jun 12, 2020

The Port of Pasco recognizes that COVID-19 has significantly impacted many of the businesses that lease property from the Port. The Port has developed this Rent Deferral Program (“the Program”) to provide qualified tenants with a form of rent relief that will assist them in weathering the economic impacts of COVID-19, while maintaining the long-term viability of the Port.

In order to be considered for the Program, each tenant shall submit a completed Rent Deferral Application documenting their need for COVID-related rent deferral, following the guidelines as set forth herein. Each request shall be considered on a case-by-case basis by the Executive Team at the Port of Pasco with final approval decided by the Executive Director. There is no guarantee of approval for a tenant’s request for rent deferral under the Program.

Application Process

To apply for the Program:

Evaluation Process

The Port’s Executive Team comprised of the Port’s Executive Director, Finance Director, and either the Properties Director, Airport Director, or Director of Economic Development, will analyze the information submitted by tenant, and make a recommendation on the action to be taken. Final action rests with the Executive Director.

The following criteria will be used to evaluate each application:

Rent Deferral Terms and Lease Amendment Guidelines

If a tenant is approved for rent deferral, the appropriate staff will draft a lease amendment to cover the terms of the deferral. The amendment must be approved and signed by the tenant and executed by the Port Executive Director.

The following items will serve as the guidelines for all lease amendments if rent deferral is approved:

The Executive Director will provide to the Commission an ongoing list of Port tenants who have been approved for the rent deferral program and have signed lease amendments covering the terms of the rent deferral. All executed lease amendments will be reported to the Port Commission at their next regularly scheduled meeting.