Project Description

Farwest Steel Corporation

Steel manufacturer expands capacity and creates critical manufacturing jobs.

THE PROJECT:

Farwest Steel Corporation is a leading processor, fabricator and distributor of carbon steel products in the Western United States. As a critical step in its continued growth, the company was looking to increase its steel fabrication services and consolidate some of its other operational locations into a new, centralized facility.

Development of a new, 353,000 square foot plant allowed Farwest to add a cut-to-length steel coil processing line to provide flat steel stock for distribution and custom fabrication. Because the project served as a lynchpin for the City of Vancouver’s economic development efforts, the Port of Vancouver undertook $400,000 of infrastructure improvements to the site, and the City itself provided tax incentives that effectively lowered construction costs by 8%.

COMMUNITY IMPACTS:
  • Create 300 construction jobs and 128 permanent jobs; Maintain 100 permanent jobs.
  • Target hiring efforts in Portland and Vancouver for previously unemployed or low-income persons.
  • Each full-time position pays living wages and provides a competitive benefits package including health care coverage, retirement benefits, disability insurance, group life insurance and profit sharing.
  • Vocational training opportunities available through a collaboration effort with Clark County College to develop a steel-industry curriculum which would provide students with sought-after, marketable skills.
  • Revitalization of Vancouver’s industrial district, through an increased access to high quality jobs thus attracting additional businesses for a wide variety of industrial support services.
KEY COMMUNITY DEMOGRAPHICS:
  • Poverty Rate: 34.7%
  • Median Family Income: 36.6% of benchmark
  • Unemployment Rate: 2.1 times the national average
  • Fruit Valley Area Plan
FINANCING:
  • Total Project Cost: $49.6 million
  • NCF Deployed Allocation: $12.0 million
  • Total NMTC Allocation: $48.0 million
PROJECT PARTNERS:
  • United Fund Advisors (National Community Fund I, LLC)
  • Community Reinvestment Fund
  • Brownfield Revitalization, LLC
  • JPMorgan Chase
  • Bank of America
  • Farwest Steel Corporation
  • City of Vancouver
  • Port of Vancouver
  • Specht Development