WA: Revitalization Board Invests $5.1 Million for Econ Development
26 May, 2020
The Washington State Community Economic Revitalization Board (CERB) approved $3,950,000 in low-interest loans and $1,150,000 in grants for economic development, public infrastructure development and economic feasibility studies targeting business growth and job creation.
Franklin County – $50,000 grant to the Port of Pasco for the Reimann Industrial Center Master Plan. This study encompasses development of a master plan to include scope of work, budget, development schedule, targeted industry analysis and a marketing plan for the industrial park. CERB funds are matched by $175,000 in local resources.
Skagit County – $2,250,000 loan and a $750,000 grant to the Port of Skagit County for the Mavrik Marine Expansion Project. This private project consists of construction of a 17,226- square-foot building to support expansion of Mavrik Marine, Inc. As the port’s committed private partner, the company is investing $1,520,000 and estimates creating and retaining 131 jobs within five years. CERB funds are matched by $1 million in local resources.
Thurston County – $50,000 grant to the Port of Olympia for the East Port Peninsula Development Plan. This study encompasses a plan for development along the East Bay waterfront, to include an analysis of infrastructure investments required to facilitate the development outlined in the plan. CERB funds are matched by $16,667 in local resources.
Walla Walla County – $1,700,000 loan and a $300,000 grant to the City of College Place for the city’s Southwest Sewer Trunk Line Project. This project consists of construction of a wastewater trunk line and lift station to support 100 acres of commercial light industrial property. The project will create an estimated 100 jobs within five years. CERB funds are matched by $5,173,907 in state and local resources.
“By providing funding for necessary infrastructure, we are able to respond rapidly to business siting and expansion needs, leading to job growth and retention. These investments in local Washington communities will more than pay themselves with higher wage jobs and future economic growth.” said CERB Chair Randy Hayden.
“Reinvigorating development following coronavirus requires the combined resources of state, local and private partners to bring back jobs and strengthen communities,” said Lisa Brown, Director of the Washington State Department of Commerce.
The release of CERB funds to these projects are contingent upon 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 a $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.
Learn more about CERB at www.commerce.wa.gov/cerb.
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