Washington Community Economic Revitalization Board invests more than $4.5 million in three counties
State funds leverage nearly $11 million in private and public resources expected to create and retain 100 high-wage jobs.
OLYMPIA, WA – The Washington State Community Economic Revitalization Board (CERB) today approved $3.375 million in low-interest loans and $1.175 million in grants for economic development and public infrastructure improvements intended to spur business growth and job creation in Thurston, Skagit, and Whitman counties.
- Thurston County – $1.125 million loan and $375,000 grant to the City of Tenino for the “Southwest Washington Agricultural Business and Innovation Park Project.” This project includes engineering, design, and construction of a public facility, along with new sidewalks and parking lot. Their Committed Private Partner, Dragonwheel Investment Group, Inc., is investing $2.1 million in the project, which is estimated to create and retain 40 jobs. Approximately $2.7 million in other state and local resources match CERB funds.
- Skagit County – $2.25 million loan and $750,000 grant to the Port of Skagit County for the “Watershed Business Park Project 1 Development Project.” This project will build utility infrastructure and make multi-modal road improvements to develop Watershed Business Park Project 1, including landscaping and other site work. This project is estimated to leverage $3.1 million in private investment and create 60 jobs. CERB funds are matched by $3 million in local resources.
- Whitman County – $50,000 grant to the City of Palouse for the “St. Elmo Revitalization Study.” This study will determine the feasibility of renovating the St. Elmo hotel building. CERB funds are matched by $12,500 in local resources.
“These three projects represent the range of projects that CERB funds. Projects that lead to job growth across the State through infrastructure development and planning. Strategic infrastructure funding is a crucial building block for economic growth. The board is pleased to collaborate with each of these communities as they work to create permanent private sector jobs.” 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. If you are a Washington local government or federally recognized Tribe and have project ideas, please reach out to Janéa Stark at janea.stark@commerce.wa.gov.
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.