The bill aims to accelerate job growth in rural areas of Washington and promote economic recovery through site readiness grants. It recognizes the challenges faced by rural communities in accessing resources and emphasizes the importance of modern infrastructure for economic development. The legislation intends to provide businesses with predictability and certainty by supporting site readiness and predevelopment work, thereby encouraging new or relocating businesses to choose Washington communities.

Key amendments to existing law include the introduction of provisions for grants specifically aimed at achieving site readiness, with a cap of $200,000 after December 31, 2028. The bill also expands the evaluation criteria for financial assistance provided by the community economic revitalization board, requiring detailed reporting on various metrics such as job creation, wages, and participation of minority and veteran-owned businesses. Additionally, it mandates biennial evaluations of the program's outcomes to ensure accountability and effectiveness in promoting economic revitalization.

Statutes affected:
Original Bill: 43.160.060
Substitute Bill: 43.160.060, 43.160.900
Bill as Passed Legislature: 43.160.060, 43.160.900
Session Law: 43.160.060, 43.160.900