WENATCHEE – The City of Wenatchee has received nearly a million dollars in state funding for the extension of McKittrick Street.
The Washington State Community Economic Revitalization Board (CERB) approved $973,185 in public infrastructure development funding targeting business growth and job creation. A $859,409 loan and a $113,776 grant is awarded for the purchase of a right-of-way and partial demolition the Sleepy Hollow Fire-damaged Stemilt warehouse.
The building is to be occupied by Diamond Foundry LLC. The company is 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.