Apply now for long-term, fixed rate business financing
Tax-exempt financing authority for private businesses and developers will be available for qualified business projects in Pierce County in 2010, according to the Pierce County Economic Development Corporation.
On Nov. 10 the Pierce County Board of Supervisors designated the entire county of Pierce as a "Recovery Zone" under the provisions of the American Recovery and Reinvestment Act.
This action allows private developers in the County that meet federal eligibility requirements to access long term, fixed rate financing through the issuance of Recovery Zone Facility Bonds. Interest paid on these bonds is not subject to federal income taxation.
"The County is developing a process for evaluating projects that have job creation impact, sound financial interest, local government support, and other factors," said Bill Warner, executive director of the Pierce County EDC. "We are looking for interested private and businesses that can take advantage of the program before the end of calendar year 2010."
Pierce County's allocation of bonding authority is $2,548,000. States and counties were given these allocations based on job losses compared to national and state averages.
"This program has a short window of opportunity, but could provide a very attractive longer term, fixed rate financing vehicle for larger capital investment projects that create jobs and add value to Pierce County," said Warner. "I will be glad to meet with interested parties to discuss project ideas and explore the possibilities."
Interested private developers and businesses should contact the Pierce County EDC at 425-3881 or email firstname.lastname@example.org for an outline of preliminary selection criteria and eligibility requirements.
Pierce County local government officials also interested in learning more about the program may also contact the EDC.
A letter of interest, project description, and references are due by Jan. 28. Qualified project developers will then be asked to submit a more detailed application for consideration.