WARRENTON – As Clatsop County nears completion of the sale of property in the North Coast Business Park, the developer has indicated that he might be offering something other than cash in the deal.

Plans to build a bigger Costco store in Warrenton are in the works, although details continue to be discussed, and may change.

Wes Giesbrecht, of Atlin Investments, the Mercer Island, Wash., developer who has a contract to buy property at the Business Park, said the failing economy has made finding funding difficult. Atlin has committed to buying property in the county-owned business park for more than $8.6 million.

Giesbrecht has proposed a sixth amendment to the sale agreement for the property. No details were disclosed publicly.

Giesbrecht told the Clatsop County Board of Commissioners Wednesday that the capital markets are upside down. He said Costco – potentially the first tenant of the new development – cannot proceed unless the developer shares the cost of the infrastructure.

He said, in addition to the purchase price of the property, the developer would be spending $5.5 million on the infrastructure.

“Under normal times, there would have been five or six banks competing for this,” he said.

Although he didn’t release any details, Giesbrecht insinuated the county would receive something besides cash for the property.

He said that although the county would certainly rather have cash, the value of the Business Park would be increased by the presence of Costco and the improvements made to the property.

“Given the circumstances, I think this is as close to a win/win that we can achieve in this particular marketplace,” Giesbrecht said.

He said the developer wouldn’t be investing $5.5 million in the infrastructure “just to do the first phase.” Managers intend to stay and continue the rest of the project.

Board members will hold a special meeting to discuss a proposed amendment to the contract between the county and Atlin Investments at 9 a.m. Monday in the Judge Guy Boyington Building.