EAST WENATCHEE — The Port of Douglas County has received a $1 million package of state loan and grant funding to make some of its industrial park property more attractive for potential tenants.
Port Director Lisa Parks said the package includes an $850,000 loan, payable over 20 years at 2.5-percent interest, and a $150,000 grant.
“Funding is not what it has been in the past,” Parks said of state money and loans available for local projects. “We feel very fortunate to have gotten basically everything we’ve requested.”
The funding will pay for about half of a proposed $2 million project to add streets, water, power, conduit and site grading to the remaining 40 acres of the Pangborn Airport Business Park. The site is at the corner of Union and 8th Street Southeast.
The improvements must be finished for the port to subdivide the property, Parks said.
The port will issue bonds to pay for the balance of the project and refinance some existing debt she said.
Payments on the new financing won’t begin for about three years, she said. By then, the port hopes to have tenants on the property, although no definite tenants are currently lined up.
Construction will begin next spring and be finished by fall 2012, she said.