Kalama could be closer to landing a McMenamin’s as the County Commissioners take action to enable the Port of Kalama to assist with financing of the project. At yesterday morning’s meeting, the Commissioners took action to declare all of Cowlitz County as a “Recovery Zone” under the American Recovery and Reinvestment Act, and also designated the Port of Kalama as an “issuer of Recovery Zone Facility Bonds.” Port of Kalama Development Director Mark Wilson says that could help kick-start the project. The resolution sets Cowlitz County up to be able to raise up to $3.7 million through the issuance of Economic Development bonds; they also delegated authority for up to $5.5 million in Recovery Zone Facility bond capacity to the Port of Kalama. The Port now has the ability to issue up to $5.5 million in bonds, and there’s also a requirement that at least ten percent of the price be supported by private enterprise. This action makes the Port eligible to issue the tax-exempt bonds, making the project more affordable. McMenamin’s hasn’t yet been available to comment on the move, and they’d still be required to obtain a “letter of credit” to access the funding. The bonds also have to be issued by the end of this year. Over the past couple of years, there have been exploratory discussions regarding construction of a McMenamin’s in the old Pyramid Brewing Company facility, next to the Kalama Marina.
