April 21, 2009

Univesity District TIF

This seems to be great news for Spokane in General and the U-District in particular. (As reported by the SR's Olympia guy Rich Roesler) Still looking for specifics...but I've seen Tax Increment Financing work wonders in other cities. About time we had more of those creative and successful development tools.

Spokane’s University District and the area between Pullman and Moscow, Idaho stand to get millions of dollars in improvements under a bill lawmakers approved Monday.Senate Bill 5045 now goes to Gov. Chris Gregoire to be signed into law.The bill allows local governments to designate “revitalization areas.” It essentially recycles some tax dollars: improvements spur economic growth, generating more taxes. And the money pays for the improvements.The law allows work on public infrastructure like roads, pedestrian bridges, landscaping, sidewalks and utilities.The bill authorizes 7 demonstration projects:-A Spokane University District project, to get up to $250,000 a year.

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