Federal bond backing propels county projects
Published 11:22 pm Wednesday, March 31, 2010
EVERETT — Snohomish County leaders have settled on a list of big-ticket road and fairgrounds improvements to speed along with $13.2 million in federally subsidized bonds.
A dozen top-tier projects that the County Council approved Wednesday include $2.2 million to cover part of the county’s new emergency operations center near Paine Field and $3 million to buy land for expanded parking at the Evergreen State Fairgrounds. There’s also $1.2 million for an equestrian facility and RV park at the fairgrounds, as well as upgrades to area intersections, culverts and bridges.
“The main thing is less the specific projects, but that we’re able to take projects that are on our six-year plan and move them forward faster than we would’ve been able to do otherwise — and at a reduced cost,” County Council Chairman Dave Gossett said.
The County Council approved the list — selected with help from the executive’s office — by a 3-0 vote. The council has to authorize the bonds at a later date. A second-tier list gives county officials backup projects if others fall through.
The bond money is available under the American Recovery and Reinvestment Act.
The $13.1 million in economic-development bonds to pay for roads and buildings are taxable, but the federal government will provide a 45 percent interest-payment subsidy. That would save the county an estimated $850,000 over 20 years. The projects must be completed within three years.
Other items on the list are:
Pedestrian facilities on E. Gibson Road and Center Road W. in south Everett;
Improvements at the intersection of 180th Street SE and Interurban Boulevard in Clearview;
Jim Creek Bridge replacement east of Arlington and Blue Bridge retrofit near Granite Falls; and
Culvert replacement at 15th Avenue NE and Sunday Lake Road near Silvana.
The county also is seeking $19.8 million in tax-exempt federal recovery bonds to reduce borrowing costs to private businesses for capital projects in the county.
“The outcome of this program will be new family-wage jobs for residents now out of work,” County Executive Aaron Reardon said in a statement. “Already, we’re seeing positive benefits from the more than $40 million Snohomish County has received in service and infrastructure grants under the federal recovery program.”
The county plans to start reviewing proposals in about a month. In addition to creating jobs, projects applying for these bonds should be able to pay back the debt. Residential rental properties, golf courses, massage parlors and gambling establishments are not eligible.
Noah Haglund: 425-339-3465, nhaglund@heraldnet.com.
