(1) The community economic revitalization board, hereinafter referred to as the board, is a twenty member board created pursuant to section 3, chapter 40, Laws of 1982 1st ex. sess. and RCW 43.160.030.

(2) Pursuant to RCW 43.160.030, membership consists of: Twelve members appointed by the director of the department of commerce, four members appointed by legislative leadership: One member of the two major caucuses of the house of representatives and the senate, or designee, and four nonvoting ex-officio members consisting of the director or designee of: Department of revenue, employment security department, and department of transportation.

(3) Voting members appointed by the department of commerce serve three-year terms.

(4) The chair of the board is appointed by the director of the department of commerce.

(5) The board may elect such other officers for such terms as it may from time to time deem necessary, in accordance with the board's policies.

(6) The board's staff and office space is provided by the department of commerce, P.O. Box 42525, Olympia, Washington 98504-2525; phone 360-725-3151.

(7) The community economic revitalization board is a unique statewide economic development resource. The board provides awards that help communities to:

(a) Respond rapidly to immediate business siting and expansion needs;

(b) Build feasible industrial sites for future business development;

(c) Target expansions in manufacturing, food processing, assembly, warehousing, industrial distribution, advanced technology, and other key sectors; and

(d) Spur creation and retention of higher wage jobs.

(8) The board provides low-interest loans (and in unique circumstances, grants) to help finance the local public infrastructure necessary to develop or retain stable business and industrial activity in furtherance of economic development. These improvements include industrial water, general-purpose industrial buildings and port facilities, sanitary and storm sewers, industrial wastewater treatment facilities, railroad spurs, telecommunications (broadband), electricity, natural gas, roads, and bridges.