September 22, 2007 in Business

Cheney gets development grant worth $1.48 million

From Staff Reports The Spokesman-Review
 

The city of Cheney on Friday landed $1.48 million in federal aid targeted at developing a research and industrial park, a news release from the U.S. Commerce Department said.

The money from the Economic Development Administration is expected to help the city create 400 jobs and generate $64 million in private investment, the release said.

A group of city, business and university leaders applied for the money to launch an effort to make the old Honeywell Corp. building south of town usable by smaller manufacturing companies, news reports said. The abandoned building, a former microprocessor component manufacturing plant, has been vacant since early 2005.

The money is to be used to renovate the 113,000-square-foot building into 20,000- to 30,000-square-foot units and to upgrade utility hookups, news reports said. That work was estimated to cost more than $4.5 million and would still require the city to seek other grants and loans.

“The Cheney Research and Industrial Park will provide new, high-quality jobs, foster the commercialization of local technology, and provide opportunities for existing eastern Washington companies to expand their operations,” said U.S. Commerce Secretary Carlos Gutierrez in a news release.

The Economic Development Administration serves as a venture capital resource to meet the economic development needs of distressed communities throughout the country. EDA aims to promote innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.


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