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Washington Federal has said clearly that it doesn’t want to be part of any community dispute, and has no interest in developing the property through its joint venture with Edelstein. “We’ve said all along that we don’t think of ourselves as developers,” Kenney told Crosscut. That does not seem to mean the bank wouldn’t sell it to another owner who could try to develop it.
The bank is required to get a fair return for its shareholders and to seek the highest return on the assets it acquired from Horizon. State and federal regulators will need to sign off on any deal the bank might reach with the joint venture or with the city of Bellingham. “There are a lot of players involved,” Kenney said. “That’s why this has taken a while.”
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