October 14, 2014
Neah Bay, WA- The Makah Dock celebrated an official Grand Opening on Friday October 10th, 2014. The NDC New Markets Tax Credit Project and reciepient of Novogradac Journal of Tax Credits’s Community Development Award, supplies new capacity to the Neah Bay community, helping the Makah Tribe expand its fishing industry, create new jobs, and increase economic competitiveness of both tribal and non-tribal Pacific Northwest fisheries resources.
NDC’s Matt Calcavecchia and Michelle Morlan were able to attend the event held at the dock, below are some photos from the event.
About the Makah Dock
The Tribe partnered with The National Development Council and Wells Fargo to raise the equity necessary for this vital project. The National Development Council’s $7.8m qualified equity investment in the $13.7M project was combined with financing from Wells Fargo.
The Makah Docks Community Impacts Include:
- Provision of critical facilities for over 90 different small businesses, mostly minority business enterprises that depend on the dock to offload their catch and sell to buyers.
- Preservation of more than 400 FTEs currently employed by fishing operations who use the dock.
- Approximately $7 million per year in direct and indirect economic benefits are generated from the value of the fish caught and off-loaded at the facility. This generates more than $600k per year in annual revenue for the Tribe.
- Restoration of a critical emergency response launch site for vessel rescue and spill response operations in the area.
- Creation of a safer working conditions for those working on the docks.
More Info HERE, from Wells Fargo Community Impact Video