NEWS RELEASE
Community Economic Revitalization Board invests more than $10 million in three counties
State funds leverage over $127 million in private and local resources expected to create and retain 185 high-wage jobs.
OLYMPIA, WA ? The Washington State Community Economic Revitalization Board (CERB) today approved $8.75 million in low-interest loans and $1.35 million in grants for economic development and public infrastructure improvements intended to spur business growth and job creation in Adams, Snohomish and Spokane counties.
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Adams County ? $3.75 million loan and $1.25 million grant to the Port of Othello for the ?Bruce Water Tower Construction Project.? This project will build a 200,000-gallon water tower with infrastructure upgrades to create a looped water system that connects an additional 105-acres of the Bruce Industrial Park to the existing system. The Port's Committed Private Partner, Progresso Farms LLC, is investing $20 million in the project, and they expect to create and retain 72 jobs. CERB funds are matched by $1.25 million in local resources.
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Snohomish County ? $5 million loan to the Port of Everett for the ?Millwright Loop Road Phase 2? project. This project will build roads, sidewalks, parking, and underground utility infrastructure for the second phase of the Waterfront Place development. The Port's Committed Private Partner, LPC West, Inc., is investing $90 million in the projects, and expects to create 113 jobs. CERB funds are matched by approximately $16.2 million in local resources.
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Snohomish County ? $50,000 grant to the City of Lake Stevens for the ?Lake Stevens Industrial Center Infrastructure Design? project, and the development of a conceptual engineering design for sewer and stormwater improvements within the Lake Stevens Industrial Center. CERB funds are matched by $12,500 in local resources.
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Spokane County ? $50,000 grant to the City of Spokane for the ?Feasibility Study on the Development of a Creative Economy Hub.? This study will focus on the development of a creative economy hub, including business incubation and acceleration in downtown Spokane. CERB funds are matched by $45,000 in local resources.
?CERB?s public infrastructure investments help Washington compete for and retain companies that are looking to grow and expand. These projects play a vital role in sustaining our state?s future economic growth. Strategic funding for infrastructure and planning projects are a crucial building block in Washington?s economic landscape. CERB would like to thank the Legislature for the $25 million appropriation in the capital budget and the passage of SSB 5229. The passage of this bill allows CERB to expand our planning efforts and increase funding for these projects across the state,? said CERB Chair Michael Echanove.
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. Washington local governments and federally recognized tribes with project ideas are invited to contact?Jan?a Stark?at [email protected].?
About CERB
Since 1982, CERB has committed more than $243.8 million to local jurisdictions across the state, an investment generating more than 39,000 jobs, and private capital investment of $6.3 billion ? a $26-to-$1 return on CERB investments. Read the 2022 CERB Legislative Report to learn more.
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.
Media contacts:
Jan?a Stark, CERB Executive Director & Tribal Liaison, (360) 252-0812
Penny Thomas, Commerce Communications, (360) 704-9489
Local contacts:
Port of Othello: Chris Faix, Executive Director, (509) 488-2544, [email protected]
Port of Everett: Nancy Overton, Grant Administrator, (425) 388-0607, [email protected]
City of Lake Stevens: Russell Wright, Community Development Director, (425) 622-9424, [email protected]
City of Spokane: Steven MacDonald, Director, Community and Economic Development Division, (509) 625-6835, [email protected]
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