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County briefs board on $4.3 million Industrial Revolving Fund and possible uses
Summary
Staff reviewed the county’s newly created Industrial Revolving Fund, its $4.3 million balance from property sales, and potential uses such as Westport Ferry Road and industrial site improvements; no formal requests have been received yet.
Clatsop County staff presented an overview of the Industrial Revolving Fund to the board and said the fund currently holds about $4.3 million derived from proceeds of sales and leases of industrial‑zoned county land. The fund, created by board action in February, is restricted to industrial development‑related purposes under state statutes and county policy, staff said.
Staff outlined likely eligible projects — infrastructure tied to industrial sites, access roads such as the Westport Ferry Road project, and small gap‑funding that can leverage other public and private investments. The largest recent deposit came from the sale of the North Coast Business Park (about $1.12 million). Staff said the fund is expected to be used in relatively small tranches to catalyze larger investments rather than fully finance major projects.
The county manager and staff said they will coordinate with economic‑development partners and the county’s enterprise zone manager to identify candidate projects; the board may see formal staff reports if requests for fund access are submitted. Staff cautioned that the fund is not easily replenished because few industrial property sales are currently expected.
Ending — Commissioners asked staff to coordinate with the Economic Opportunities Analysis recommendations and with port and business partners before approving any disbursements.
