Chief
06-17-2008, 08:52 AM
From last night's Consent Agenda at Vancouver City Council..
10. Creation of the Columbia Waterfront Revenue Development Area (RDA) and making other findings and declarations in support of the City’s application to the State Community Economic Revitalization Board (Board) for Local Infrastructure Financing Tool (LIFT) financing
(Staff Report 091-08 --- attached on pink paper.)
AN ORDINANCE creating the Columbia Waterfront Revenue Development Area (RDA), providing an estimate of cost and indebtedness for public infrastructure in the RDA, estimating other sources of revenue, estimating the time that revenues from the local infrastructure financing tool program will be used to finance public infrastructure, setting forth a process, making findings, providing for severability, and providing for an effective date.
Summary:
In 2006, the Legislature created the Local Infrastructure Financing Tool program codified as RCW 39.102. This law allows local governments to use a portion of local tax revenues from within designated Revenue Development Areas to pay for infrastructure associated with projects developed within these RDAs. The law also provides for a matching amount of State funding up to a maximum of $1 million per year for 25 years. The State allocated $2.5 million per year for three legislatively approved LIFT projects (including the City of Vancouver’s Riverwest project) and $5.0 million for projects selected on a competitive basis in 2007 and 2008 ($2.5 million available each year).
The City is proposing to establish the Columbia Waterfront Revenue Development Area and apply for State LIFT Program funding of $500,000 per year for 25 years. The proposed Columbia Waterfront RDA encompasses approximately 75 acres with approximately 63 acres zoned for mixed-use development, 11 acres zoned light industrial and 2 acres zoned heavy industrial.
Staff estimates that approximately 2,100 jobs will be created if the developer completes the proposed conceptual development program. In addition to redevelopment of the former Boise site, the City currently has a development agreement with Downtown Vitality Partners for redevelopment of vacant land in the vicinity of Fourth and Esther streets within the RDA. That agreement contemplates development of an additional 80,000 square feet over and above the recently completed 118,000 square foot office building.
The City of Vancouver is planning two public infrastructure projects related to development within the RDA. The LIFT Program does not require a commitment of existing General Fund revenues. The City will receive 25 percent of the increase in property tax revenues and all other lodging tax revenues from the proposed development. Prior to issuing bonds, detailed financial projections will be presented to City Council and supplemental appropriations requested as required. These actions are anticipated in late 2008 or early 2009.
At their May 15, 2008 meeting, the City Center Redevelopment Authority unanimously approved a recommendation that the City Council establish the Columbia Waterfront RDA and submit a LIFT Program application to the state.
Action Requested:
Subject to second reading and public hearing, approve the ordinance. (Eric Holmes, Director of Economic Development, 735-8872, and Paul Lewis, Economic Development Consultant, 904-1359)
**SCHNIPP**
An application to the State for a drop in the bucket of the money they will really need to make this happen.
Developing...
10. Creation of the Columbia Waterfront Revenue Development Area (RDA) and making other findings and declarations in support of the City’s application to the State Community Economic Revitalization Board (Board) for Local Infrastructure Financing Tool (LIFT) financing
(Staff Report 091-08 --- attached on pink paper.)
AN ORDINANCE creating the Columbia Waterfront Revenue Development Area (RDA), providing an estimate of cost and indebtedness for public infrastructure in the RDA, estimating other sources of revenue, estimating the time that revenues from the local infrastructure financing tool program will be used to finance public infrastructure, setting forth a process, making findings, providing for severability, and providing for an effective date.
Summary:
In 2006, the Legislature created the Local Infrastructure Financing Tool program codified as RCW 39.102. This law allows local governments to use a portion of local tax revenues from within designated Revenue Development Areas to pay for infrastructure associated with projects developed within these RDAs. The law also provides for a matching amount of State funding up to a maximum of $1 million per year for 25 years. The State allocated $2.5 million per year for three legislatively approved LIFT projects (including the City of Vancouver’s Riverwest project) and $5.0 million for projects selected on a competitive basis in 2007 and 2008 ($2.5 million available each year).
The City is proposing to establish the Columbia Waterfront Revenue Development Area and apply for State LIFT Program funding of $500,000 per year for 25 years. The proposed Columbia Waterfront RDA encompasses approximately 75 acres with approximately 63 acres zoned for mixed-use development, 11 acres zoned light industrial and 2 acres zoned heavy industrial.
Staff estimates that approximately 2,100 jobs will be created if the developer completes the proposed conceptual development program. In addition to redevelopment of the former Boise site, the City currently has a development agreement with Downtown Vitality Partners for redevelopment of vacant land in the vicinity of Fourth and Esther streets within the RDA. That agreement contemplates development of an additional 80,000 square feet over and above the recently completed 118,000 square foot office building.
The City of Vancouver is planning two public infrastructure projects related to development within the RDA. The LIFT Program does not require a commitment of existing General Fund revenues. The City will receive 25 percent of the increase in property tax revenues and all other lodging tax revenues from the proposed development. Prior to issuing bonds, detailed financial projections will be presented to City Council and supplemental appropriations requested as required. These actions are anticipated in late 2008 or early 2009.
At their May 15, 2008 meeting, the City Center Redevelopment Authority unanimously approved a recommendation that the City Council establish the Columbia Waterfront RDA and submit a LIFT Program application to the state.
Action Requested:
Subject to second reading and public hearing, approve the ordinance. (Eric Holmes, Director of Economic Development, 735-8872, and Paul Lewis, Economic Development Consultant, 904-1359)
**SCHNIPP**
An application to the State for a drop in the bucket of the money they will really need to make this happen.
Developing...