Revenue Approves Five Local Revitalization Financing Projects
OLYMPIA – Dec. 16, 2010 -- The Department of Revenue has approved five of six Local Revitalization Financing projects eligible for state contributions. The projects and state contributions include:
- Lacey Gateway Town Center ($500,000),
- Mill Creek East Gateway Planned Urban Village ($330,000)
- Puyallup River Road Revitalization Area ($250,000),
- Renton South Lake Washington Project ($500,000), and
- Richland Revitalization Area for Industry, Science, and Education ($330,000).
Sponsors of these projects submitted applications in September 2010. The Department had 90 days to approve or deny these applications after the University of Washington provided an economic analysis of the proposals. The sponsoring government for the sixth project listed as eligible in 2010 legislation, the Newcastle Downtown Project, chose not to submit an application.
Local Revitalization Financing allows authorized cities, counties, and port districts to create revitalization areas and finance public improvements using the additional tax revenue those areas generate. The state contribution must be used to pay for general obligation bonds issued to finance public improvements in the revitalization area. Local matching funds are required.
The Legislature named the six projects as eligible for contributions in 2010 after funding ran out during an earlier round of LRF approvals in 2009.
More information on the projects and conditions is available at http://dor.wa.gov/lrf.
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