2002 Section 108 Project Summary - Washington

Economic Development

COMMUTER TRANSIT STATION: A CATALYST FOR DOWNTOWN DEVELOPMENT
Auburn WA Auburn Economic Development Project $1,237,000

The City of Auburn will utilize Section 108's award of $1,237,000 in loan guarantee assistance to finance development of the Commuter Transit Station Project, located in the City's downtown core. The loan funds will be used to acquire a 14,000 sq. ft. building and make improvements to commercial space located within a commuter rail station garage. Total project cost is estimated at $1,577,000. The City expects this project to encourage the redevelopment of downtown Auburn while providing an estimated 36 full-time jobs.

LOAN PROGRAM TARGETS BROWNFIELDS, EARTHQUAKE-DAMAGED BUILDINGS
Seattle WA Brownfields Redevelopment Loan Pool $15,500,000

The City of Seattle will utilize Section 108's $15,500,000 award in loan funds to create a loan pool targeted toward redevelopment of buildings damaged by the February 2001 earthquake along with five brownfield sites. The Section 108 loan was awarded in conjunction with a previously approved $1,750,000 Brownfields Economic Development Initiative grant. Three commercial projects (the 211 First Avenue Building, the Buttnick Building, and the City Loan Building) to be redeveloped by for-profit entities are located within the City's historic Pioneer Square area. The City estimates that these initial three projects will collectively yield 193 new jobs.

Public Facilities

NEW MARITIME CENTER TO REDEVELOP FORMER BROWNFIELD SITE
Port Townsend WA Northwest Maritime Center/National Landmark Historic District $1,000,000

The City of Port Townsend secured $1,000,000 in Section 108 loan guarantee assistance to help finance the development of the Port Townsend Northwest Maritime Center (NWMC). The City will lend Section 108 proceeds to NWMC, a nonprofit organization, which will acquire the site, rehabilitate the existing dock, and construct two buildings. The two-acre NWMC site is an abandoned and unsafe bulk oil storage terminal on Port Townsend Bay. When completed, the 25,000 sq. ft. NWMC will provide public meeting space, commercial retail space, space for boat building and restoration, and boating activities. Space will also be available for educational and vocational training. The Section 108 assistance is being made in conjunction with a HUD Brownfield Economic Development Initiative (BEDI) grant in the amount of $1,000,000, which will be used to address site contamination issues. The total project cost is estimated at $8,996,000.