The Port of Coupeville is hiring a Sedro-Woolley-based appraisal company to determine fair market cost for rental space at the Greenbank Farm and Coupeville Wharf.
Both of the historic Central Whidbey properties are owned by the port.
Nine firms were sent inquiry letters, and three responded with bids ranging from $3,300 to $8,500.
Commissioners went with the lowest bid, received from Mount Appraisal Group, which cites experience working with other port districts and customers on Whidbey Island.
“$3,300 is a small price for transparency,” said Port Commissioner Bob Monroig.
The tenants at the Greenbank Farm and the Harbor Store on the Wharf are currently operating on month-to-month leases until the appraisals come back.
The third-party appraisal is expected to determine future lease rates.
There is some risk being taken, said Interim Port of Coupeville Director Jan Marc Jouas. “We need to be prepared for what if it comes in high, or what if it comes in low.”
Jouas said he anticipates one side or the other challenging the appraisal results.