The Olympic Peninsula is critical land to the local forest products economy. After being mismanaged by previous owners, it was purchased in 2004 by a new buyer. The new buyer then signed an agreement to sell 80,000 acres of forested land in the Olympic Peninsula to a group of buyers.
In order to win the bid, it was critical for the consortium of buyers to utilize the New Markets Tax Credits. As stated previously, the land had been mismanaged, requiring a strong commitment to reforestation and reversing environmental damage that had been done.
This land benefits the entire region. The land is a source of long-term log and fiber supplies for 11 local mills on the Olympic Peninsula. Those 11 mills employ 2,000 people directly. Logging operations will employ 50-75 full-time employees.
This property also has beautiful watersheds and coastal regions that are highly attractive for hiking and outdoor recreation, bringing new ecotourism industries to this peninsula.
This investment generated significant environmental and community impacts. The QALICB agreed to install sustainable conservation methods to restore areas that had been over-harvested. The company has also granted public access to portions of the property and encourages eco-tourism. The NMTC benefit also allowed for the sale of over 4,000 acres to the Makah Tribe at a significant discount so that the land could be permanently used as a bridge between tribal homelands. Ecotrust also purchased 3,200 acres at a favorable price for permanent conservation of pristine habitat.