The Port of Vancouver will receive an $800,000 loan from the Washington State Community Economic Development Revitalization Board (CERB).
The funding, announced last week, will be used to make improvements on an existing port facility before the aluminum extrusion company, Sapa Profiles Inc., locates there.
"This loan will allow us to make necessary building improvements to attract a major employer to the region, and help bring nearly 100 family-wage jobs to Clark County where unemployment is still hovering near 13 percent," said Port of Vancouver Executive Director Larry Paulson in a press release. "Our private sector partner Sapa Profiles Inc. has a proven track record of success with tremendous potential for growth and will be a valuable new business in Clark County and Washington State."
The port and Sapa Profiles Inc. are currently working toward a final lease agreement for the former Panasonic building, located at 2001 Kotobuki Way.
Total cost of the necessary renovations is $1.3 million. The investment by Sapa Profiles Inc. in manufacturing equipment and additional facility upgrades is anticipated to be more than $8 million in the first 12 months of occupancy.
