BILL REQ. #: S-3723.1
State of Washington | 61st Legislature | 2010 Regular Session |
Read first time 01/15/10. Referred to Committee on Economic Development, Trade & Innovation.
AN ACT Relating to eligibility criteria for community economic revitalization board financial assistance; and amending RCW 43.160.060.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 43.160.060 and 2008 c 327 s 5 are each amended to read
as follows:
The 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, and 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. However, no more than twenty-five percent of all financial
assistance approved by the board in any biennium may consist of grants
to political subdivisions and federally recognized Indian tribes.
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 a project the primary purpose of which is to facilitate or
promote gambling.
(d) For a project located outside the jurisdiction of the applicant
political subdivision or federally recognized Indian tribe.
(2) The board shall only provide financial assistance:
(a) For a project demonstrating convincing evidence that a specific
private development or expansion is ready to occur and will occur only
if the public facility improvement is made that:
(i) Results in the creation of significant private sector jobs with
a median hourly wage exceeding the countywide median hourly wage or
significant private sector capital investment as determined by the
board and is consistent with the state comprehensive economic
development plan developed by the Washington economic development
commission pursuant to chapter 43.162 RCW, once the plan is adopted;
and
(ii) 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;
(b) For a project that cannot meet the requirement of (a) of this
subsection but is a project that:
(i) Results in the creation of significant private sector jobs or
significant private sector capital investment as determined by the
board and is consistent with the state comprehensive economic
development plan developed by the Washington economic development
commission pursuant to chapter 43.162 RCW, once the plan is adopted;
(ii) Is part of a local economic development plan consistent with
applicable state planning requirements;
(iii) Can demonstrate project feasibility using standard economic
principles; and
(iv) Is located in a rural community as defined by the board, or a
rural county;
(c) For site-specific plans, studies, and analyses that address
environmental impacts, capital facilities, land use, permitting,
feasibility, marketing, project engineering, design, site planning, and
project debt and revenue impacts, as grants not to exceed fifty
thousand dollars.
(3) The board shall develop guidelines for local participation and
allowable match and activities.
(4) An application must demonstrate local match and local
participation, in accordance with guidelines developed by the board.
(5) An application must be approved by the political subdivision
and supported by the local associate development organization or local
workforce development council or approved by the governing body of the
federally recognized Indian tribe.
(6) The board may allow de minimis general system improvements to
be funded if they are critically linked to the viability of the
project.
(7) ((An application must demonstrate convincing evidence that the
median hourly wage of the private sector jobs created after the project
is completed will exceed the countywide median hourly wage.)) The board shall prioritize each proposed project according
to:
(8)
(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, but also giving consideration to the
unemployment rate in the area in which the jobs would be located;
(b) The rate of return of the state's investment, including, but
not limited to, the leveraging of private sector investment,
anticipated job creation and retention, and expected increases in state
and local tax revenues associated with the project;
(c) Whether the proposed project offers a health insurance plan for
employees that includes an option for dependents of employees;
(d) Whether the public facility investment will increase existing
capacity necessary to accommodate projected population and employment
growth in a manner that supports infill and redevelopment of existing
urban or industrial areas that are served by adequate public
facilities. Projects should maximize the use of existing
infrastructure and provide for adequate funding of necessary
transportation improvements; and
(e) Whether the applicant has developed and adhered to guidelines
regarding its permitting process for those applying for development
permits consistent with section 1(2), chapter 231, Laws of 2007.
(((9))) (8) 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.