OLYMPIA
Bothell’s downtown revitalization plan will get $1 million a year for the next 25 years from a state grant program announced Oct.29 by Gov. Chris Gregoire.
The project was selected by the state Community Economic Revitalization Board to receive the money under the state’s new Local Infrastructure Financing Tool (LIFT) program. City officials said they anticipate the construction of nearly $70 million in public facility improvements to be completed by 2012. An estimated $668 million in private investment is expected, resulting in the creation of 10,463 new jobs and more than $190 million in new state tax generated revenues.
“These investments match local funds dollar for dollar to increase local economic growth and create jobs,” Gregoire said. “It is just common sense for the state to support urban initiatives that attract the private investment and commercial businesses that make communities desirable places to live, work and play.”
The LIFT program, created by the 2006 legislature and signed by Gregoire, helps local governments promote economic development by providing up to $7.5 million per year in state sales and use tax revenue for 25 years. Financing is provided through a credit against state sales taxes generated in the participating communities.
Other projects approved by the Community Economic Revitalization Board include:
The City of Everett Riverfront RDA was competitively selected by CERB to receive $500,000 per year for 25 years. The City of Everett anticipates the construction of $36 million in public facility improvements to be completed by 2010. An estimated $490 million in private mixed-use developments are expected to be in construction over the next five years, resulting in the creation of 1,803 jobs and $13 million per year in additional state sales and property taxes.
·The Spokane County River District Revenue Development Area (RDA) at Liberty Lake was pre-selected by the Legislature to receive $1 million per year for 25 years for construction of up to $72 million in public infrastructure. An estimated $1 billion in private investment is expected, resulting in the creation of 9,877 new jobs and more than $2.1 billion in new state tax generated revenues.
·The City of Vancouver Riverwest RDA was pre-selected by the Legislature to receive $500,000 per year for 25 years. The City of Vancouver, in partnership with Clark County, the Port of Vancouver and the Fort Vancouver Regional Library District, anticipate construction of $15 million in public facility improvements to be completed by 2010. An estimated $160 million in private investment is expected, resulting in the creation of 376 new jobs and more than $35 million in new state tax generated revenues.
·The Federal Way City Center RDA was competitively selected by CERB to receive $1 million per year for 25 years. The City of Federal Way anticipates the construction of $35 million in public facility improvements to be completed by 2017. An estimated $450 million in private investment is anticipated, resulting in the creation of 6,086 jobs and $413 million per year in additional state sales and property taxes.
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