County’s .09 fund policy lists $1.4 million Hawkins reserve

Whitman County commissioners on Monday adopted a statement about using .09 economic development funds in the county.

According to the statement, the county currently has approximately $2 million of .09 economic development money and receives between $20,000 and $40,000 more each month. The funding stream was created by state law and expires 25 years from its first implementation. The county received the first money in October of 1999, so the current funding system expires in September 2024.

Among points listed in the statement, the commissioners pointed out they intend to keep a minimum of $1.4 million reserved for the obligation potentially incurred by the Hawkins development infrastructure contract on the state line.

The amount of .09 money reserved for the Hawkins project could increase should the contract terms change or commissioners determine it is in the best interest of the county to have a large down payment to provide for lower cost and/or easier financing of this obligation, the policy noted.

The policy stated the overall intended goal of granting and/or loaning .09 money is to attract capital that has the potential to stimulate the local economy consistent with local community values. Such projects should have a well-defined business plan with an equitable projection of a return to the community and its tax base in a reasonable time frame.

The board intends to provide approximately $100,000 each year for local projects which aid local economic development in the various communities of the county according to the law’s requirements. These project decisions will be made based on recommendations of the county’s Blue Ribbon Commission.

Commissioners plan to retain the remainder of .09 funds for the purpose of building up a reserve that has enough money to significantly help a larger, economically significant project.

As funds build to a level the board feels adequate, commissioners will solicit submissions for potential projects. Decisions to award will be made solely by the commissioners.