Community Economic Revitalization Board grant and loan will support $2.4 million private partner investment, create estimated 90 jobs.
OLYMPIA, WA – The Washington State Community Economic Revitalization Board (CERB) today approved $973,185 in public infrastructure development funding targeting business growth and job creation in the Wenatchee, Chelan County.
A $859,409 loan and a $113,776 grant to the city of Wenatchee is for the McKittrick Street Extension Project, State funding is awarded for the purchase of a right-of-way and partial demolition of a damaged warehouse. The remainder of the warehouse will be used by the project private partner, Diamond Foundry, LLC. The company will invest $2,400,000, creating 96 jobs, as a result of this project. CERB funds are matched by $243,296 in local resources.
“CERB projects represent an important partnership between the state and local communities resulting in enhanced economic vitality. This project represents the much-needed diversification of industry in the rural areas of our state. The board is pleased to collaborate with the City of Wenatchee to create permanent private sector jobs for Washington families,” said CERB Chair Randy Hayden.
“State investments in public infrastructure strengthen rural communities by helping them attract and keep job-creating employers,” said Brian Bonlender, director of the Washington State Department of Commerce. “Many local governments are struggling to improve and maintain facilities that enable economic growth. Tools such as CERB’s committed private partner program are vital to making the necessary funding possible.”
The release of CERB funds to this project is contingent upon the 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 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. Learn more about CERB at www.commerce.wa.gov/cerb.
Penny Thomas, firstname.lastname@example.org, (206) 256-6106