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Industrial Development Corporations

This page provides a basic overview of industrial development corporations for cities, counties, and port districts in Washington State, including examples and code provisions.


Overview

For the purpose of facilitating economic development and employment opportunities in Washington State through the financing of the project costs of industrial development facilities, a municipality – defined as a city, town, county, or port district – may enact an ordinance creating a public corporation for the purposes authorized in Ch. 39.84 RCW.

The public corporation may issue revenue bonds for the purpose of financing all or part of the project cost of any industrial development facility and to secure the payment of the revenue bonds as provided. A number of Washington local governments created industrial development corporations (IDRCs) in the early 1980s after the legislation was enacted. However, there appear to be only a few active corporations at this time.

The IDRC can issue industrial revenue bonds provide financing for land, building, and equipment for new and expanding manufacturing facilities. These loans may be used to encourage relocations and expansions of companies that provide jobs and expand economic opportunities for residents and the community. Tax exempt bonds may be applied for by the manufacturer, processing company, or wholesale distribution center. Cities, counties, port districts and economic development agencies have the ability to issue revenue bonds.

For information about industrial revenue bonds, see:


Examples of Industrial Development Corporations

Cities

Counties

Several counties have dissolved previously existing Industrial Development Corporations

  • Adams County Industrial Development Corporation, dissolved March 2008, by Resolution No. R-12-09
  • Pierce County Code Ch. 2.56 – Economic Development Corporation of Pierce County
  • Spokane County Industrial Development Corporation

Port Districts


Last Modified: November 05, 2019