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  • Governor's Communications Office, 360-902-4136

Gregoire, Commerce authorize nearly $100 million in local bonds

For Immediate Release: January 18, 2011

OLYMPIA � Gov. Chris Gregoire and the Washington State Department of Commerce today announced that nearly $100 million in bonds were authorized in the last two months of 2010 to fund local economic development, energy conservation and infrastructure projects in four counties. These projects will create or retain more than 700 jobs with an estimated payroll of just over $50 million per year.

�These investments are critical to our economic recovery,� Gregoire said. �They help local communities jump start important projects to improve their infrastructure, while putting people to work � primarily in construction, a sector that has been hit especially hard by the national recession.�

�Commerce�s mission is to grow and improve jobs in Washington,� said Department of Commerce Director Rogers Weed. �The 700-plus jobs supported by these projects are desperately needed, and represent another step forward in our state�s economic recovery.�

For more information about the projects, visit: http://www.governor.wa.gov/news/recovery_zone_exempt_facilities_commerce.pdf

Nine projects will receive almost $70 million in Recovery Zone Bonds and up to $30 million in Exempt Facility Bonds. All of the jurisdictions issued their bonds before the end of 2010.

In 2010, Commerce authorized the issuance of more than $200 million of tax-exempt bonds, generating an estimated 2,000 jobs and an annual payroll of $118 million. Of the total, approximately $142 million were Recovery Zone bonds, funded by the American Recovery and Reinvestment Act.

The Bond Cap Allocation Program helps state and local jurisdictions provide tax-exempt bond financing for projects with substantial private investment and resulting in public benefits such as job creation, environmental protection, creating affordable housing, assisting first-time home buyers, and improving public infrastructure. Learn more about the Bond Cap Allocation and Community Renewal Program at http://www.commerce.wa.gov/site/305/default.aspx.