$9.4M recovery bonds slated for new Tacoma Dome parking garage

Gov. Chris Gregoire and the Washington State Department of Commerce announced recently that nine jurisdictions have been granted authority to issue more than $77.8 million of Recovery Zone Bonds and $5.3 million in Small-Issue Private Activity Bonds. The bonds will finance 10 local projects, which will create or retain more than 560 jobs across the state. All bonds will be issued before the end of this year. Since April 2010, more than $120 million of Recovery Zone and Small-Issue bonds have been issued, leveraging nearly $200 million in construction project activity. Commerce estimates these cumulative bond issuances have created more than 3,000 direct and indirect jobs with an annual payroll of nearly $145 million.

In Tacoma and Pierce County, the bonds will be directed toward the following projects:

— City of Tacoma / $9.4 million / Tacoma Dome Parking Facility: Construction of a new parking garage at the Tacoma Dome.

— Pierce County / $5.3 million / Frederico Enterprises: Acquisition and remodel of 82,000 square-foot facility to process salmon for distribution to local supermarkets.

The Bond Cap Allocation Program helps state and local jurisdictions provide tax-exempt bond financing for projects with substantial private investment and resulting in public benefits such as job creation, environmental protection, creating affordable housing, assisting first-time home buyers, and improving public infrastructure. Learn more about the Bond Cap Allocation and Community Renewal Program at http://www.commerce.wa.gov/site/305/default.aspx .