The Washington state Port of Vancouver has been awarded an $800,000 loan from the Washington State Community Economic Development Revitalization Board (CERB) to make improvements to an existing port facility that are necessary before the aluminum extrusion company, Sapa Profiles, Inc., locates at the port.
"This loan will allow us to make necessary building improvements to attract a major employer to the region, and help bring nearly 100 family-wage jobs to Clark County where unemployment is still hovering near 13 percent," Port of Vancouver Executive Director Larry Paulson said.
"Our private sector partner Sapa Profiles, Inc. has a proven track record of success with tremendous potential for growth and will be a valuable new business in Clark County and Washington State."
Port officials and Sapa are working toward a final lease agreement for the former Panasonic building, which has been vacant since the electronics manufacturing company shuttered the facility in 2008 and laid off more than 200 full time and temporary employees.
Total cost of the proposed renovations is $1.3 million and includes replacement of the building’s current asphalt floor with a reinforced concrete floor, as well as electrical and HVAC upgrades.
In addition to the $800,000 CERB loan, the port will provide $500,000 in matching funds to complete the improvements.
According to CERB, a projected $10.00 of private investment will be generated for every one dollar of CERB investment.
The private-sector investment by Sapa, which includes manufacturing equipment and additional facility upgrades, is anticipated to be more than $8 million over the firm's first 12 months of occupancy.
The Sapa facility, when completed, is expected to employ 100 full-time jobs with the anticipated median hourly wage of the new jobs exceeding the median hourly county wage by 11 percent
Sapa has 15 plants located in North America. The Port of Vancouver location will be the firm's first facility in Washington State.
Tuesday, May 31, 2011
