Eastern Washington University’s board of trustees will meet today to consider selling the school’s long-vacant downtown building to Spokane Valley-based Pyrotek Inc.
University spokesman David Meany said the building, at 705 W. First Ave., was vacated when EWU moved its Spokane programs to the Riverpoint campus.
Pyrotek is conducting feasibility studies of the building and “at the conclusion of the study could opt out if they don’t think it’s a nice fit,” Meany said in an email. Pyrotek’s offer is for $1.8 million; the building’s assessed value is $2.5 million, he said.
The Spokane Valley company, which was founded in 1956, makes and sells products for handling high-temperature materials. Pyrotek’s CEO did not return a phone call seeking comment Tuesday.
InCyte Pathology joins with Eastside lab
InCyte Pathology, a Spokane-based diagnostic lab, has merged with Eastside Pathology, a Bellevue-based pathology lab with 11 specialists.
Gary Gamar, InCyte’s chief operating officer, said the deal establishes a beachhead to grow market share in the Puget Sound region and expands InCyte’s range of pathology expertise.
InCyte has 25 pathologists on staff and a total headcount of 143 at its offices in Spokane Valley, Pullman and Walla Walla.
The merger will allow regional hospitals and doctors direct access to the company’s 36 board-certified pathologists with specialization in 27 areas.
The two operations will continue operating their laboratories in Bellevue and in Eastern Washington, Gemar said.
Combining the operations means a net gain of five jobs in Spokane and three new positions in Bellevue, Gemar said.
The consolidation formally takes place in January. Terms of the deal were not disclosed.
Freddie Mac nets $1.2 billion
WASHINGTON – Government-controlled mortgage giant Freddie Mac posted net income of $1.2 billion for the second quarter and isn’t requesting any additional federal aid for the period.
The government rescued Freddie and larger sibling Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them.
Taxpayers have spent about $170 billion to rescue Fannie and Freddie, the costliest bailout of the 2008 financial crisis.
Fewer reach for credit cards
WASHINGTON – Americans cut back on credit card use in June, further evidence that high unemployment and slow growth has made consumers more cautious about spending.
Overall consumer borrowing rose because of increases in auto and student loans. The Federal Reserve says total borrowing increased 3 percent to $2.58 trillion in June from May. Credit card debt fell 5 percent to $864.6 billion. That’s only 1.6 percent above the post-recession low reached in April 2011.