WA: Econ Revitalization Board Invests $1 Million in Pacific, Yakima Counties
20 Mar, 2020
The Washington State Community Economic Revitalization Board (CERB) approved $720,000 in loans and $290,000 in grants for economic development, public infrastructure development and economic feasibility studies targeting business growth, and job creation.
•Pacific County – $720,000 loan and $240,000 grant to the Port of Willapa Harbor for the South Bend/Raymond Hardwood Mill Revitalization project. This project consists of site prep and facility upgrades, including: engineering, electrical system upgrades, log yard and transportation improvements, and fire suppression and system upgrades. The Port’s committed private partner is AMKO Hardwoods Company LLC, and the partner is investing $2 million in the private project and is estimated to create 30 jobs within five years. CERB funds are matched by $1,640,000 in state and local resources.
•Yakima County – $50,000 grant to the Port of Sunnyside for the Midvale Industrial Park Feasibility Study. This study will include an infrastructure analysis, conceptual site plan, economic feasibility study, marketing study, and wage analysis for the 300-acre Midvale Industrial Site. CERB funds are matched by $16,667 in local resources.
“CERB projects represent an important partnership between the state and local communities resulting in enhanced economic vitality,” said CERB Chair Randy Hayden. “The approved projects represent the economic, cultural, and geographic diversity of our state. The board is pleased to collaborate with both of these communities to create permanent private sector jobs.”
The release of CERB funds to these projects is contingent on each applicant completing specific pre-contract requirements, such as finalizing other funding sources and obtaining necessary permits.
Since 1982, CERB has committed nearly $176 million to local jurisdictions across the state, an investment generating more than 36,000 jobs, and private capital investment of $5.7 billion ($36 to $1) return on CERB investment.
As Washington’s strategic economic development resource, CERB is focused on creating private-sector jobs in partnership with local governments by financing infrastructure improvements. These improvements encourage new business development and expansion. In addition to funding construction projects, CERB provides limited funding for studies that evaluate high-priority economic development projects.
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