Washington to disburse $10 million to Adams, Snohomish, and Spokane Counties
Wed, May 24, 2023 4:13 PM
By Timothy Schumann, The Center Square
The Washington State Community Economic Revitalization Board, or CERB, will disburse over $10 million in funding for various economic development and public infrastructure projects, in Adams, Snohomish and Spokane counties.
The goal of the funding is to provide additional economic, business, and employment opportunities in the regions.
“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,” said CERB Chair Michael Echanove in a statement accompanying the announcement.
Breaking down the funding of the $10 million, $8.75 million will be in the form of low-interest loans and $1.35 million will be disbursed as one-time grants.
The county-by-county breakdown by dollar amounts are as follows;
Adams County – $3.75 million loan and $1.25 million grant to the Port of OthelloSnohomish County – $5 million loan to the Port of Everett for the “Millwright Loop Road Phase 2” project.Snohomish County – $50,000 grant to the City of Lake Stevens for the “Lake Stevens Industrial Center Infrastructure Design” project.Spokane County – $50,000 grant to the City of Spokane for the “Feasibility Study on the Development of a Creative Economy Hub.”
The CERB prides itself on getting a good return on its investments, boasting $243.8 million invested with local jurisdictions across the state since its inception in 1982. Investments it says have generated more than 39,000 jobs, $6.3 billion in follow-on private capital investments, and a $26-to-$1 overall return on allocated capital.
All loans and grants mentioned above include local public partners with matching funds. A select few attracted millions of dollars of private investor funds to their partnerships. More details are available in their May newsletter.
Thanks to the recent signing into law of SSB 5229 by Gov. Jay Inslee, an additional $25 million in appropriations will ensure infrastructure funding will be available for CERB investment statewide in the coming biennium.
Projects eligible for funding include domestic and industrial water, stormwater, wastewater, public buildings, telecommunications and port facilities.
Additional project details can be located on the Washington State Department of Commerce website.