A vote by the Oregon Investment Board forgave $100,000 of a loan to the Port of Cascade Locks.

Port Director Chuck Daughtry said the loan was conditional based upon the port creating a certain number of jobs.

"It was very helpful to the port and gives us more money to invest in other projects we have planned," Daughtry said. "For this year’s budget, that means $40,000 alone."

The port received the money in 1999 to build an entrance road to the port’s industrial park. The total project cost was $763,978 with OIB loaning $180,000 of that amount. The port paid $80,000 in principal repayments and has paid interest only on the $100,000.

The terms of the loan were that the remaining principal balance could be forgiven if 25 new family-wage jobs were created. Bear Mountain Forest Products expanded at the port and created 24 full-time jobs with an average annual salary of $36,000. The company is planning on further expansion in the near future so OIB vice-chairman Bill Fashing said the commission waived the one remaining job at its April 12 meeting.

OIB was established as part of the Columbia Gorge National Scenic Area Act in 1987 to compensate communities and encourage growth within urban areas. Fashing said while many people think of economic development as several different items, the ultimate goal is to create wealth for communities.

"Jobs, infrastructure, putting incentives out there are all part of economic development," Fashing said. "But it’s ultimately wealth generation for the community and its residents, all residents."

Fashing said the Cascade Locks entryway project was very important in improving the industrial park but also in attracting other potential businesses.

"Image is very critical and putting infrastructure in place is very important," he said.

He added that projects that create higher than average-wage jobs are critical. But for that to succeed, such projects should take into account the setting of the Gorge and labor force availability.

"It’s not as easy as saying we want high-tech (jobs), you have to look at the fact that the labor force is at a certain skill level and perhaps transitioning from another industry such as timber," Fashing said. "A good example is what the college is doing training people to work with wind turbines."

The Hood River Downtown Business Association also received a boost from the OIB’s April meeting. The commission approved a $9,000 grant for the association to buy equipment and explore bringing more events and festivals to Hood River.

Former association director Michelle Sliwa wrote the grant. She said the monies enabled the group to buy the former Gorge Games equipment, which they had been borrowing for the annual Hops Fest.

She said the owner had been loaning it out to various groups. The idea to buy the equipment was based on keeping the equipment in good shape and under one organization’s control as well as encourage more events by having it available.

"It’s more than downtown; businesses and nonprofits from across Hood River County can use it," she said.

Sliwa said the new Gorge Hosting Committee group was part of the discussion in developing the proposal.

"They are a new group, really still in their infancy and their focus is drawing people into the Gorge," Sliwa said. "They see the potential for many more sporting events to take place here."

The downtown business association still has to figure out where to store the equipment. Fashing said the grant was an example of investing in a community.

"The investment help will support a variety of activities and functions within the community that help to contribute to the quality of life," he said.