Notice of Funding Availability

NOTICE OF FUNDING AVAILABILITY
Snohomish County
Recovery Zone Facility Bonds
Request for Proposal (RFP)

Snohomish County, through this Notice of Funding Availability and Request for Proposals (RFP) is seeking proposals from qualified respondents for the use of the County’s $19,816,000 allocation of Recovery Zone Facility Bonds under the American Recovery and Reinvestment Tax Act of 2009 to finance qualifying projects and to achieve the County’s objectives as stated in this RFP.

Sealed proposals must be delivered no later than April 30, 2010, either by:

  • In person: Snohomish County Economic Development Division, 6th floor of the Robert J. Drewel Building, 3000 Rockefeller Avenue, Everett, WA 98201;
  • Mail: Attention, Snohomish County Economic Development Division, 3000 Rockefeller Avenue, MS 411, Everett, Washington 98201-4046;
    Questions and requests for a RZFB RFP Packet should be directed to snocobiz@snoco.org or by phone to Wendy Becker at 425.388.3186. 

Seven (7) copies of each submittal are requested. All proposals received will become the property of Snohomish County and will not be returned.

Snohomish County reserves the right to reject any or all proposals, to waive all irregularities and informalities in the proposals, to re-advertise for proposals if desired and to accept the proposal that is most advantageous to the public and the County.

AT A GLANCE:

  • The American Recovery and Reinvestment Act of 2009 created several new bond programs. One of these is the “Recovery Zone Facility” (RZFB) bond program which is available to private entities.

  • RZFB bonds offer tax-exempt financing rates for private projects that otherwise would be financed on a taxable basis.

  • Snohomish County received an allocation of RZFB bonding capacity in the amount of $19.816M.

  • The County’s RZFB bonding allocation must be used within Snohomish County limits.

  • Snohomish County Council adopted a motion to establish Snohomish County a  Recovery Zone, under the provision of the American Recovery and Reinvestment Act of 2009 (ARRA).   Only those projects begun after that date are eligible to receive RZFB financing. 

  • Proceeds must be used to finance depreciable property in the Recovery Zone.  Specifically, land purchases are ineligible, but infrastructure and construction are eligible.

  • RZFB bonds cannot be used for land acquisition, rental residential projects, or businesses including golf courses, hot tub facilities, country clubs, massage parlors, liquor stores, racetracks, suntan parlors, gambling facilities, etc.

  • Primary Eligibility Criteria – jobs, creditworthiness, readiness to proceed. 

  • Developers must identify the repayment source for the cost of the issuance and the bond.

  • Bonds must be issued by October 1, 2010 and the proceeds expended within 36 months of issuance.

  • For more information visit Snocobiz.org, contact the business hotline, 425.388.3828 or email snocobiz@snoco.org.

Click Here for Recovery Zone Application

Click Here for Recovery Zone Instructions