CERTIFICATION OF ENROLLMENT
SUBSTITUTE SENATE BILL 5400
2002 Regular Session
Passed by the Senate February 14, 2002
YEAS 30 NAYS 18
President of the Senate
Passed by the House March 8, 2002
YEAS 71 NAYS 25
I, Tony M. Cook, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 5400 as passed by the Senate and the House of Representatives on the dates hereon set forth.
Speaker of the
House of Representatives
Governor of the State of Washington
Secretary of State
State of Washington
SUBSTITUTE SENATE BILL 5400
Passed Legislature - 2002 Regular Session
State of Washington 57th Legislature 2001 Regular Session
By Senate Committee on Economic Development & Telecommunications (originally sponsored by Senators T. Sheldon, Franklin, Shin, Regala, Costa and Gardner; by request of Governor Locke)
READ FIRST TIME 02/22/01.
AN ACT Relating to clarifying the authority of the community economic revitalization board to make loans and grants to political subdivisions and federally recognized Indian tribes for public facilities; and amending RCW 43.160.060.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 43.160.060 and 1999 c 164 s 103 are each amended to read as follows:
board is authorized to make direct loans to political subdivisions of the state
and to federally recognized Indian tribes for the purposes of assisting
the political subdivisions and federally recognized Indian tribes in
financing the cost of public facilities, including development of land and
improvements for public facilities, project-specific environmental, capital
facilities, land use, permitting, feasibility((
marketing studies and plans; project design, site planning, and analysis;
project debt and revenue impact analysis; as well as the construction,
rehabilitation, alteration, expansion, or improvement of the facilities. A
grant may also be authorized for purposes designated in this chapter, but only
when, and to the extent that, a loan is not reasonably possible, given the
limited resources of the political subdivision or the federally recognized
Indian tribe and the finding by the board that financial circumstances
require grant assistance to enable the project to move forward.
Application for funds shall be made in the form and manner as the board may prescribe. In making grants or loans the board shall conform to the following requirements:
(1) The board shall not provide financial assistance:
(a) For a project the primary purpose of which is to facilitate or promote a retail shopping development or expansion.
(b) For any project that evidence exists would result in a development or expansion that would displace existing jobs in any other community in the state.
(c) For the acquisition of real property, including buildings and other fixtures which are a part of real property.
(d) For a project the primary purpose of which is to facilitate or promote gambling.
(2) The board shall only provide financial assistance:
(a) For those projects which would result in specific private developments or expansions (i) in manufacturing, production, food processing, assembly, warehousing, advanced technology, research and development, and industrial distribution; (ii) for processing recyclable materials or for facilities that support recycling, including processes not currently provided in the state, including but not limited to, de-inking facilities, mixed waste paper, plastics, yard waste, and problem-waste processing; (iii) for manufacturing facilities that rely significantly on recyclable materials, including but not limited to waste tires and mixed waste paper; (iv) which support the relocation of businesses from nondistressed urban areas to rural counties or rural natural resources impact areas; or (v) which substantially support the trading of goods or services outside of the state's borders.
(b) For projects which it finds will improve the opportunities for the successful maintenance, establishment, or expansion of industrial or commercial plants or will otherwise assist in the creation or retention of long-term economic opportunities.
(c) When the application includes convincing evidence that a specific private development or expansion is ready to occur and will occur only if the public facility improvement is made.
(3) The board shall prioritize each proposed project according to:
(a) The relative benefits provided to the community by the jobs the project would create, not just the total number of jobs it would create after the project is completed and according to the unemployment rate in the area in which the jobs would be located; and
(b) The rate of return of the state's investment, that includes the expected increase in state and local tax revenues associated with the project.
(4) A responsible official of the political subdivision or the federally recognized Indian tribe shall be present during board deliberations and provide information that the board requests.
Before any financial assistance application is approved, the political subdivision or the federally recognized Indian tribe seeking the assistance must demonstrate to the community economic revitalization board that no other timely source of funding is available to it at costs reasonably similar to financing available from the community economic revitalization board.
--- END ---