On Wednesday, August 24th, Senator Maria Cantwell (D-Washington State) announced her support for a five-year extension of the New Markets Tax Credit program against the backdrop of the new Farwest Steel Processing Center in Vancouver, WA. Senator Cantwell stressed the importance of projects like Farwest Steel in job creation and building local economies . “ In this case you’re leveraging a few federal dollars, a lot of private sector dollars and the win-win is job creation,” said Cantwell.
National Development Council provided technical assistance to the City and the Port of Vancouver in coordinating the NMTC financing.
The Farwest Steel Processing Center, which began construction last month, is a 330,000SF facility that will maintain its current employment of 100 and add an additional 128 jobs, , all high-value-added manufacturing jobs so important to our national economy. Building the facility will also create an additional 300 direct construction jobs.
For more on Senator Cantwell’s visit:
http://www.kgw.com/news/business/Cantwell-Push-for-Tax-Credit-Extension-128351068.html
For more on Farwest Steel’s new Processing Center:
http://www.columbian.com/news/2011/jul/05/farwest-secures-48m-in-federal-tax-credits-for-new/