“Project Desert” would have brought about 200 jobs to the county with an average salary of $56,000, according to the Port of Chehalis
The Port of Chehalis has received a $665,000 loan and a $100,000 grant from the Washington State Community Economic Revitalization Board for its Pinnacle construction project, nicknamed Project Desert by the port.
The port is one of three finalists in courting the company to the area. Pinnacle Biologics is a biopharmaceutical company that researches and develops critical care therapies in rare diseases and oncology, according to Bloomberg.com.
Chief Executive Officer of the Port Randy Mueller and Lewis Economic Development Council Executive Director Matt Matayoshi said they were not able to confirm that Pinnacle is the company they are trying to recruit.
The port is currently working to make its Dawson Road Site as ready for construction as possible for the company it is courting.
The improvements are estimated to cost $2.1 million.
According to CERB, the prospective development includes site preparation that includes construction of earthwork, underground utilities, roads and stormwater management. It will result in a nine-acre building pad.
“We are excited to partner with the state of Washington and have them provide both a grant and loan to the Port of Chehalis,” Matayoshi said.
He said the port has been very forward thinking while looking at the future of their land.
“They are ready for a business and manufacturing investment,” Matayoshi said.
The port estimates that 234 jobs will be created and $30 million will be invested as a result of the project, according to the release. The CERB funds are matched by $1.4 million in local resources.
Lewis County has committed $1 million to the project in .09, or distressed county funds — $200,000 of which was made available immediately, while the other $800,000 would be awarded if the port secures the company.
Mueller earlier told port commissioners at a meeting that if they were able to secure the grant and loan from CERB, the port would have all the money it needs for the identified site improvements.
If the biotech company does not select Chehalis, the completed site work will be applicable for other development.
In all, CERB approved $4,956,250 in grants and low-interest loans for public infrastructure development and economic feasibility studies in nine countries across the state, according to a press release. The projects target business growth and job creation in Chelan, Clallam, Cowlitz, Grant, Lewis, Lincoln, Snohomish, Walla Walla and Yakima counties.
“These projects represent the range of projects that CERB funds — projects that lead to job growth across the state through infrastructure development and planning,” CERB Chairman David Rhoden said in the release. “The board is pleased to collaborate with each of these communities as they work to create permanent private-sector jobs.”
Each applicant needs to complete specific pre-contract requirements before the funds are released, according to the release. That includes finalizing other funding sources and obtaining necessary permits.
