Wood Stone Expansion Moves Ahead
Port Awards Tiger Construction $815,295 Project,
Issues $3.4 million in Industrial Revenue Bonds to Wood Stone
Aug. 1, 2006
For More Information: Carolyn Casey
360-676-2500
[Bellingham, Wash.] Wood Stone Corporation is beginning work on a major expansion that will add a 52,500 square feet new manufacturing building and is expected to provide up to 30 new full-time manufacturing jobs.
Wood Stone is constructing the new facility alongside the building it leases from the Port of Bellingham at the Airport Industrial Park. Wood Stone is the world’s largest producer of stone hearth cooking equipment. It has been a port tenant since 1994. Currently Wood Stone employs nearly 50 workers
In June, the Port Commission approved a 40-year land lease for the property and, as a condition of the contract, the Port agreed to install necessary improvements to the site.
This week the port selected Tiger Construction for the $815,295 site improvement project to construct paved roadways, curbs, gutters, sidewalks, underground utilities, signage, street and site lighting, landscaping, irrigation and storm water drainage. Tiger Construction will begin work on this project in September.
The port will finance its costs through a low-interest loan and grant from the state Community Economic Revitalization Board (CERB). The CERB funding was approved for this project because of its economic significance to the state.
Wood Stone has hired Dawson Construction to construct the new building, which will cost about $4 million and is expected to be completed by the end of the year. Last month the Port of Bellingham’s Industrial Development Corporation (IDC) issued $3.4 million in Industrial Revenue Bonds (IRBs), to Wood Stone to provide the local company with low-interest financing.
Industrial Revenue Bonds are tax-exempt financings that provide low-cost debt to manufacturing and process facilities.
The Port of Bellingham’s IDC acts as a conduit for this tax-exempt financing. Neither the Port nor local taxpayers provide the actual project funding; borrowers secure the financed funds through a lending institution. The Port's IDC can issue IRBs anywhere in Whatcom County.
Also last month the Port’s IDC approved issuing $6,125,00 in Industrial Revenue Bonds to Hemplers Food Group LLC to assist with the construction of Hemplers’ new 34,000 square foot food processing facility in Ferndale. With rising interest rates, qualified companies are finding IRBs a competitive financing tool.
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