The Washington State Community Economic Revitalization Board (CERB) approved $850,000 in loans and grants for public infrastructure development and economic feasibility studies targeting business growth and job creation in the cities of Othello and Airway Heights, for the Makah Tribe, and at the Port of Sunnyside.
Adams County – $50,000 grant to the City of Othello for a feasibility study to implement the first phase of the city’s water supply plan, which includes constructing a new well, pump station and reservoir. CERB funds are matched by $16,667 in local resources.
Clallam County – $50,000 grant to the Makah Tribe for the Cape Flattery Fishermen’s Co-op Expansion project. A feasibility study will develop a strategy to upgrade the processing plant potential to increase value-added production, new sales and job creation. CERB funds were matched by $16,667 in local resources.
Spokane County – $50,000 grant to the city of Airway Heights for a feasibility study to develop a master plan for the Airway Heights Industrial Center. The project will produce a “highest and best use” analysis, an economic feasibility assessment, identification of priority development sites, a “planned action ordinance” to facilitate development of those sites and a targeted infrastructure funding and development strategy for the area. CERB funds were matched by $16,667 in local resources.
Yakima County – $400,000 loan and a $300,000 grant to the Port of Sunnyside for the Varietal Beer Company construction project. This committed private partner project consists of modifying an existing 5,500-square-foot cement block building for use as a brewery, taproom and bottling facility. Varietal Beer Company will invest $405,000 in a 10-barrel brewing system, creating 23 permanent jobs. CERB funds were matched by $300,000 in local resources.
“Our role is to be responsive to local needs by making timely and smart investment decisions. CERB has a proven track record for being a good steward of public money and an advocate for local communities,” said CERB Chair David Rhoden.
“CERB is helping strengthen rural communities by investing in public facilities that enable new and existing businesses to provide good jobs,” said Brian Bonlender, director of the Washington State Department of Commerce.
The release of CERB funds to these projects is 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 $163 million to local jurisdictions across the state, an investment generating more than 35,000 jobs, and private capital investments of a $5.6 billion ($34 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.
REF. http://www.commerce.wa.gov/state-community-economic-revitalization-board-invests-850000-public-infrastructure/
For more business and finance news click here
