Port Orchard to Defer Application for Section 108 HUD Loan

Port Orchard’s plan to build a Town Center Revitalization Project is one of three proposals recommended by the Kitsap Regional Coordinating Council to apply for federal Section 108 loan funding through the county’s Community Development Block Grant Program.

Section 108 loans are aimed to benefit low- and moderate-income people and help eliminate “slum and blight.”

The city seeks $2 million that would be used toward the purchase of property for the parking garage-library-community center complex. The total estimated cost is $36.6 million.

A financial analysis of the applicants has been completed and the Kitsap County Board of Commissioners is set to vote Monday on a resolution endorsing the applications.

Port Orchard, however, will defer making its loan application until it has completed a more thorough financial analysis, funds for which will be in the city’s 2010 budget, said Development Director James Weaver.

The deadline to apply for the loan is September of next year.

Other entities that will likely have a vested interest in the Town Center project include Kitsap Regional Library, Kitsap Transit and the Port of Bremerton, documents from the city indicate.

Other projects recommended by the KRCC to apply for the loan include Kitsap County Silverdale Campus YMCA, for $1 million, and Westbury Inc., an airport barricade company seeking to locate in North Kitsap, for $2 million. The YMCA will provide 74 new jobs in Kitsap County, 75 percent of which will be entry-level. Woodbury promises to bring 100 new jobs to the county, some in manufacturing, some in sales.

Read more about the Section 108 loan process in Kitsap shortly at kitsapsun.com.

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