The 22-year-old Sunnyside Industrial Development Corporation (SIDC) has a new tool in its packet for industries seeking its aid with applying for industrial revenue bonds.
The SIDC board of directors met last week to approve a fee schedule to offset the cost of seeking revenue bonds for large industries wanting to build or expand within the Sunnyside Port District boundaries.
Comprised of Sunnyside City Council members and the Sunnyside Port commissioners, the board approved a one-time administrative fee, with a $10,000 cap and a $500 application fee, said Amber Hansen, Sunnyside Port manager. She said the administrative fee is based on taking a quarter of 1 percent of the revenue bond being sought by any industry.
She said the SIDC reviewed the Yakima County's Sustaining Industrial Economic Development (SIED) fee schedule and felt it was time for the local industrial development board to impose a fee of its own.
"The SIDC's ability to support revenue bonds has been an under used tool in our economic development tool box," she said.
Hansen said the SIDC board has authorized Rado Harrington, executive director of the Sunnyside Economic Development Association, to promote the availability of revenue bond sales to potential industries coming to the area.
Last year Sunnyside dairyman Henry Oord was able to take advantage of a Yakima County SIED industrial revenue bond to finance the expansion of his dairy, said Hansen.
She said the county has had a fee schedule in place since establishing its revenue bond program. "We'd never had such a fee, but since the reorganization of SEDA, the SIDC board felt the time was right to take that step," she said.