Port Will Renegotiate Lease with Odyssey

The Port of Seattle will negotiate a new ten-year lease with Odyssey - the Maritime Discovery Center, which has operated at Pier 66 since 1998. The new lease will establish fundraising goals that will improve Odyssey's long-term viability.

"This is a new opportunity for Odyssey," said Port of Seattle Commission President John Creighton. "For years the Port Commission has worked with Odyssey and its board to provide a place where the public can learn about the region's maritime industry and see first-hand the important economic and cultural contributions the industry makes in our communities."

Under the proposed terms of the lease Odyssey would be required to increase the level of outside capital contributions to a minimum of $240,000 annually by the third year of the lease. Past due balances to the Port would be settled and Odyssey's board would be reconstituted. If Odyssey does not meet the fund-raising goals, the Port will have the option of terminating the lease.

In addition, the recommended lease language gives Odyssey the option of hiring staff to run the facility or contracting out management and operation. If the board opts to contract out management and operation, they are required to go through an open bidding process.

The Port would contribute $320,000 annually with $240,000 designated to go toward operating expenses and $80,000 slated for capital improvements such as upgrades to exhibits and the physical space.

The Port Commission said that before the new lease is approved, they will ask the state auditor to review the conditions under which the Port leases space to Odyssey to make sure they are legal, and will ask to see Odyssey's long-term business plan.

"These measures will allow Odyssey to move forward and provide outside financial contributions that will equal or exceed the Port's support," said Port of Seattle CEO Mic Dinsmore.