Gregoire reserves $28 million for foreclosure assistance
Washington State accepted $28 million from the United States Department of Housing and Urban Development to help neighborhoods hit by credit instability.
Due to the state’s relatively low mortgage foreclosure rate, Washington received a fraction of the $80 million HUD could have allotted. The funds will supplement programs helping to reform mortgage lending in the state and police predatory lenders.
HUD’s Neighborhood Stabilization program has given nearly $4 billion nationwide.
Minimum wage to hit $8.55 on Jan. 1
Washington’s hourly minimum wage will increase 48 cents to $8.55 as of Jan. 1.
The state’s minimum wage applies to agricultural and non-agricultural workers. Workers 14 years old or 15 years old may still receive 85 percent of the adult minimum wage, or $7.27.
The increase came from a 1998 voter initiative, which requires annual recalculation of the rate.
State property tax revenue up 6.2 percent
Washington State revenue from property taxes increased 6.2 percent to $8.2 billion in 2008.
More than half the increase came from new construction and voter-approved levies, according to the state Department of Revenue.
Tax rates dropped from a statewide average of $10.48 per $1,000 assessed valuation in 2007 to $9.72 in 2008.
Cantwell encourages green incentives
United States Sen. Maria Cantwell, D-Wash., visited Vancouver Oct. 8 to discuss how to move toward a cleaner, more diverse energy system in Washington.
The alternative energy industry could create more than 60,000 high-wage jobs in Washington and Oregon, and could help the Northwest generate 78 percent of its energy from hydro and renewable sources by 2025, Cantwell’s office reported.
Cantwell touted a clean energy tax incentives package recently signed into law by President Bush, along with efforts of the ports of Vancouver and Longview to become ports of entry for wind turbine components.
Port buys second crane
The Port of Vancouver bought its second mobile harbor crane in early October.
The port signed a contract with Austria-based crane manufacturer Liebherr for a $4.7 million crane with the capability to lift 140 metric tons – the equivalent of an adult blue whale.
The crane is expected to arrive in Vancouver in early 2009, and will be assembled at the port. It will be used primarily to lift wind energy cargo.
The port’s two cranes are the largest of their kind in North America, according to the port, each weighing more than 500 tons, with a tower height of 116.5 feet and a boom length of 174 feet.
REAL ESTATE + DEVELOPMENT
Nonprofit buys bowling alley
Share bought the 22,000-square-foot former Timber Lanes building, situated on 2.2 acres of land at 2306 N.E. Andresen Road in Vancouver, from Van Tim Inc. in early October for more than $2.09 million.
The former bowling alley will be converted to administrative offices and a volunteer center for the Vancouver-based nonprofit that provides shelter, food and emergency services.
Bob Bernhardt of Coldwell Banker Commercial Jenkins-Bernhardt Assoc. represented Share and KC Fuller of Eric Fuller & Assoc. represented the seller in the transaction.
INNOVATION + TECHNOLOGY
nLight earns Deloitte growth award
Vancouver-based nLight Corp. was ranked third in technology on Deloitte Services’ Fast 50 program in Washington State.
nLight, a semiconductor laser and high-performance fiber supplier, was ranked based on revenue growth during the last five years.
