Ninth District Congressman Adam Smith and HUD Assistant Secretary for Community Planning and Development, Cardell Cooper, announced today two major economic development grants for Washington State.
The City of Tukwila will receive over $4 million in economic development funding for Tukwila Village, a mixed use development between a private developer, the McConkey Development Corporation, and the City of Tukwila.
The project will create a town center featuring a neighborhood public services building, two three-story buildings with office and retail space, restaurants, 24 affordable condominiums, a 214 space parking deck and public plaza. The project is expected to create 181 new jobs.
“This is a good example of the direction economic development needs to go in our area,” said Smith. “The Puget Sound has been blessed with a great deal of economic prosperity, but that economic development has not been spread evenly throughout the region. This funding will help to spread some of that prosperity so that South King County isn’t stuck with airports and garbage dumps for its economic development.”
Specifically, Tukwila will receive a $455,000 Economic Development Initiative (EDI) Grant, as well as $3,630,000 in Section 108 loan guarantees. Section 108 loan guarantees provides communities with a source of financing for economic development, housing rehabilitation, public facilities and large scale physical development projects. The EDI funds will pay for interest during the first two years of the Section 108 loan repayment.