Industrial Development Corporations Formed Under Chapter 39.84 RCW
Contents
About Industrial Development Corporations
For the purpose of facilitating economic development and employment opportunities in the state of Washington through the financing of the project costs of industrial development facilities, a municipality may enact an ordinance creating a public corporation for the purposes authorized in Ch. 39.84 RCW. The public corporation may issue revenue bonds for the purpose of financing all or part of the project cost of any industrial development facility and to secure the payment of the revenue bonds as provided. A number of Washington local governments created industrial development corporations (IDRCs) in the early 1980's after the legislation was enacted. However, there appear to be only a few active corporations at this time.
The IDRC can issue industrial revenue bonds provide financing for land, building, and equipment for new and expanding manufacturing facilities. These loans may be used to encourage relocations and expansions of companies that provide jobs and expand economic opportunities for residents and the community. Tax exempt bonds may be applied for by the manufacturer, processing company, or wholesale distribution center. Cities, counties, port districts and economic development agencies have the ability to issue revenue bonds. For information about industrial revenue bonds, see:
- Washington Economic Development Finance Authority (WEDFA)
- Washington State Department of Commerce
Cities
- Anacortes Municipal Code Ch. 2.68 - Economic Development Corporation
- Bellingham Municipal Code Ch. 2.84 - Bellingham Industrial Development Corporation
- Enumclaw Municipal Code Ch. 2.32 - Enumclaw Industrial Development Corporation
- Seattle Municipal Code Ch. 3.116 - Industrial Development Corporation
- Snoqualmie Municipal Code Ch. 2.56 - Snoqualmie Economic Development Corporation
- Vancouver Municipal Code Ch. 2.70 - Development Corporation
Counties
- Adams County Industrial Development Corporation Dissolved March 2008 by Resolution No. R-12-09
- King County Code Sec. 2.32.210 (
Scroll) - King County Economic Enterprise Corporation
- Pierce County Code Ch. 2.56 (
) - Economic Development Corporation of Pierce County
Port Districts
- Port of Anacortes Industrial Development Corporation (Skagit County)
- Port of Bellingham Industrial Development Corporation (Whatcom County)
- Port of Centralia Industrial Development Corporation (Lewis County)
- Port of Chehalis Industrial Development Corporation (Lewis County)
- Port of Douglas County Development Corporation (Douglas County)
- Port of Everett Industrial Corporation (Snohomish County)
- Port of Grays Harbor Industrial Development Corporation (Grays Harbor County)
- Port of Moses Lake Public Corporation (managed by Grant County Port District No. 10)
- Port of Port Angeles, Industrial Corporation of the Port of Port Angeles (Clallam County)
- Port of Port Townsend, Industrial Development Corporation (Jefferson County)
Industrial Development Corporations Formed Under Ch. 39.34 RCW
Related MRSC Resources
MRSC Index – Industrial development corporations, economic development corporations (Ch. 39.84 RCW)