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Local Revitalization Financing District

Local Revitalization Financing District. Wenatchee Waterfront. Presentation Goals. Staff is beginning the process of pursuing a state Local Revitalization Financing (LRF) grant and desires council feedback.

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Local Revitalization Financing District

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  1. Local Revitalization Financing District Wenatchee Waterfront

  2. Presentation Goals • Staff is beginning the process of pursuing a state Local Revitalization Financing (LRF) grant and desires council feedback. • We will provide an overview of the LRF program in preparation for potential council action near the end of August • Answer questions regarding the process

  3. Introduction • The City has made significant progress in implementation of projects identified in the 2004 waterfront subarea plan. These projects include Riverwalk Crossing, Fifth Street Bicycle Lanes, Thurston Underpass, Walla Walla Avenue and the Town Toyota Center, and Riverside Drive. All of the proactive planning and associated accomplishments to date have provided us with the opportunity to pursue multiple grant programs to further encourage economic development and revitalization of the waterfront. • The City’s investment in providing public infrastructure has generated momentum in private development as predicted in the waterfront subarea plan; specifically adaptive reuse of an abandoned steel fabrication facility to create public market with low cost space designed to facilitate new business development (incubator). This Pybus Market becomes the anchor supporting the growing farmers market, a hotel, restaurant, and other economic development. • The Local Revitalization Financing legislation is designed to support these efforts.

  4. Objectives • Continued Implementation of Waterfront Subarea Plan • Continue to Enhance Uniqueness of the Wenatchee Waterfront Through Development of Additional Public Amenities and Private Investment • Improve Economic Vitality of Wenatchee • Address Municipal Brownfield at former Public Works

  5. Approach • Build Infrastructure to Facilitate Revitalization • Leverage Funding (Potential Funding Sources) • Local Revitalization Funding (LRF): Maximum of $14M • Port of Chelan County • US Economic Development Authority: $1.0-1.5M • Federal Congressional Appropriation: $1.5M • Brownfield (EPA/DOE): $2.0M • Recreation and Conservation Office (RCO): $1M • Storm Water Utility: $0.5M • Dept. of Commerce (CTED): $2.0M (Revolving Fund Loan Program for Brownfield Cleanups) Total Identified Potential Funding: $22M

  6. What Is Local Revitalization Financing? • The Local Revitalization Financing (LRF) Program was created by Second Substitute Senate Bill 5045 (2SSB 5045), passed by the WA State Legislature in 2009. The LRF program authorizes cities and counties to create “revitalization areas” and allows certain increases in local sales and use tax revenues and local property tax revenues generated from within the revitalization area, additional funds from other local public sources, and a state contribution to be used for payment of bonds issued for financing local public improvements within the revitalization area. The state contribution is provided through a new local sales and use tax that is credited against the state sales and use tax (sometimes referred to as the “LRF tax”). This tax does not increase the combined sales and use tax rates paid by consumers.

  7. Local Revitalization Financing Process • Identify Redevelopment Area • Identify Infrastructure Projects Benefiting Revitalization Area • Notify Taxing Districts of Intent to Create a Revitalization Area • Develop Tax Increment Estimates • Gather Letters of Intent from Private Developers • Dev. Interlocal Agreements with Participating Local Governments • Consider Taxing District Ordinances (Participation) • Pass an Ordinance Creating the Revitalization Area (Public Hearing) • Submit Grant Application to State Department of Revenue • Begin Collecting Increment • Issue Bonds within Five Years • Construct Projects • Process Completed within 25 Years of Creation Ordinance

  8. Proposed Public Projects • PybusMarket:$1.5M • Public Works Brownfield Remediation / Eco-Marina – est. project cost: $7M • Treatment Plant - Odor and Visual Mitigations: $8M (included as match) • Waterfront Gateway Enhancements / Extend Orondo Street: $0.5M • Row and Paddle Facility – Parking and Development: $0.5M Total: $17.5M

  9. Schedule • 2009-2011: Secure funding (LRF Grant) • 2010-2012: Pybus Market Construction/Private Construction • 2010: Update Targeted Brownfield Assessment and Prepare Remedial Action Plan • 2011: Parking Lot Enhancements (Row and Paddle Club) • 2012: PW Site Remediation Design • 2014-2015: PW Site Remediation Construction

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