BELLINGHAM - The city and the Port of Bellingham have agreed to an exchange of real estate on the waterfront, to set the stage for industrial and park development.

The Bellingham City Council voted 7-0 in favor of the swap on Monday, Oct. 22. Port commissioners approved the deal last week.

No money will change hands in the deal, which involves city-owned industrial land on the northwest side of Whatcom Waterway and port property at the Cornwall landfill site.

The deal is expected to close by the end of October, said Rob Fix, the port's interim executive director.

Once the port owns the Whatcom Waterway properties, it can offer them for industrial development. The city has plans to build a walkway and leave open space at the Cornwall site.

Environmental cleanup projects are ongoing at both sites. Liability for the projects remains with both the port and the city, Fix said.

Reach RALPH SCHWARTZ at ralph.schwartz@bellinghamherald.com or call 715-2266.