Questions:

1. Why not revenue bonds?

The business incubator project is not intended to produce excess revenues to the degree that would be required for a revenue bond.

2. Post “Funds through inception” slide

The entire visual presentation presented at the town hall meeting is now posted on the Port website *Click Here for Presentation*  (Please note that it might take a while to download completely)

3. Has any private money been invested to date?

No private money has been invested to date. This is common at this stage of incubator development.

Like most port projects across the nation, such as airport runways, marinas, industrial park streets and roads, the incubator and it’s infrastructure are publicly funded projects, with the expectation that private investors and businesses will locate at or operate in, the facilities built with public investment.

4. Will there be an increase in taxes if GO Bonds are approved?

No. The Port will incur new long term debt obligation which is to be repaid over time. Source of payment will be from current general levy taxes as currently assessed. Another way of stating this is that the use of the tax dollars currently and historically collected will be divided in a manner which uses some for operations and maintenance and some for debt service.

5. How many incubators have started up with private money?

Very few. It would appear that less than 10% fall into this category. Pages 3-5 of the Berk & Associates report provide some background.

6. Is incubator separate from SEED Project?

The business incubator is one small, but important, element of the community wide economic development initiative represented by what is referred to as “Kitsap SEED”. The incubator is the one project that the Port has selected from the many ideas presented in the Kitsap SEED initiative.

7. How will the project be funded?

The slides for the incubator building are now available on the Port’s website. The project will be paid for by a combination of grants and general obligation bond proceeds. The debt service on the bonds will be paid for by property tax revenues that are part of existing levy authority.  *Click here for link*

8. How do we attract an educated work force?

Quality of life and good family wage jobs will attract an educated workforce. The colleges and universities in Kitsap and within commuting distance will contribute to the supply.

9. What is the plan if the business incubator and the business incubation program don’t work in Kitsap County?

The building constructed would still remain in Port ownership as a real estate asset and would be marketed for occupancy by other appropriate tenants.

10. Could you place all of the financials on the website?

The business plan and other documents related to the Kitsap SEED project are currently on the ports website and are available for review.

11. What kind of jobs will be provided by the project?

Family wage jobs are expected to be created, over time, by tenant and graduate companies. Job skills required will range from technology to software and from administrative to assembly.

12. Where can we see the proformas for the project?

The incubator business plan, containing proforma, is posted on the web page. Secondly, the proforma’s in the report that the Berk & Assoc. prepared are posted on the website.