Leaders steer dollars to economic development projects

May 31, 2011

By Staff

King County leaders scrapped the outdated Economic Enterprise Corp. and directed funds from the program to economic development programs throughout the region.

The legislation approved May 2 by the County Council directs almost all of the $95,000 remaining in the corporation to be disbursed to smaller projects.

The beneficiaries include $10,000 for the Puget Sound Regional Council — the planning authority for King, Kitsap, Pierce and Snohomish counties — to update a regional economic strategy and $20,000 for the county Department of Natural Resources and Parks.

Created in 1984, the Economic Enterprise Corp. issued industrial revenue bonds to economic development in the county. The agency issued bonds totaling more than $48 million and created more than 600 jobs.

State lawmakers created the Washington Economic Development Finance Authority in 1990.

The statewide agency served the same purpose as the county Economic Enterprise Corp. Eliminating the county agency eliminates duplication and saves money.

 

 

Bookmark and Share
Other Stories of Interest: ,

Comments

2 Responses to “Leaders steer dollars to economic development projects”

  1. John Galvin on May 31st, 2011 2:08 pm

    Unfortunately, Sammamish does not have any economic development projects. City Council members, Nancy Whitten in particular, have always stated that the town center is not about economic development.

    Other cities have obtained money. Sammamish sits on the sidelines.

  2. Scott Hamilton on June 1st, 2011 2:52 pm

    Galvin, in the interests of full disclosure, should reveal in his criticism of Whitten that he is a candidate for city council opposing her.

Got something to say?

Before you comment, please note:

  • These comments are moderated.
  • Comments should be relevant to the topic at hand and contribute to its discussion.
  • Personal attacks and/or excessive profanity will not be tolerated and such comments will not be approved.
  • This is not your personal chat room or forum, so please stay on topic.