Hanford Area Economic Investment Fund       http://hanfordfund.com

History

  • The Hanford Area Economic Investment Fund (HAEIF) was established by the legislature in RCW 42.31.422, RCW 42.31.425, and RCW 42.31.428 in 1991. Revisions were made to these RCW's in 1993, 1998,2004 and 2011.
  • A portion of the fees collected from low-level nuclear waste deposited at the U.S. Ecology site in the Hanford Area were designated for this fund.
  • The goal of the program is to provide loan funds and grant funds that allow the creation of primary jobs and help to diversify the local economic base in Benton and Franklin Counties.
  • Sue Frost, Executive Director at the Port of Kennewick, was the first chair of HAEIF and worked with members Clark Crouch, Neva Corkrum, Gary Karnofski, John Neill, Sandi Strawn, and Carl Strode "to develop a comprehensive economically beneficial program for carrying out the duties statutorily assigned to it (HAEIF)". The Plan for Funding Assistance was approved by resolution on February 13, 1996.
  • The first loans approved by HAEIF (and the Department of Community Trade and Economic Development, as required in the original statute) were to Xactex, Plastic Injection Molding and the City of Richland, in October 1996. The first loan closed in February 1997. These loans were repaid with the original principal and the interest income added to funds available to lend.
  • HAEIF consists of 11 members representing the public and private sectors in Benton and Franklin Counties. Since its creation, HAEIF has had 34 members appointed by the Governor.  As of July 1, 2011 the committee members are appointed by the Director of the Department of Commerce.