The City of Spokane is seeking residents to help determine how to spend a portion of the funds raised by the Tax Increment Financing (TIF) district created in 2007 in West Central Spokane that includes the Kendall Yards development area.
The district is formally called the West Quadrant TIF; residents are being asked to apply to be part of the West Quadrant Tax Increment Financing (TIF) District Citizens’ Advisory Board. This advisory board will oversee public infrastructure projects identified within the district, but outside of the Kendall Yards development.
The City started an application process for this board in the fall of 2007, but the recruitment process was put on hold because TIF revenues would not start accruing to the City until 2009.
Five people are needed for the committee, including one resident each from the Emerson-Garfield, West Central, and Riverside neighborhoods. The other two members must be City residents with experience in economic development, finance, or real estate.
The City anticipates forming the board prior to the end of the year. Candidates are nominated by the Mayor and approved by City Council.
Visit developingspokane.org to review board responsibilities and information on the West Quadrant TIF and to apply for the advisory board. Applications are due in the Mayor’s office, 7th Floor, City Hall, 808 W. Spokane Falls Blvd., no later than 5 p.m. on Friday, Nov. 13.
About Tax-Increment Financing
Tax-Increment Financing is an economic development tool established by the state of Washington. TIF is used to pay for publicly owned streets, sewers, sidewalks, parks, and other improvements.
TIF is considered when local government and a developer define a project with significant public infrastructure requirements that cost more than either party can pay alone.
Bonds sold by local government or private financing pay for public improvements, and then a portion of the increased property taxes generated within the district is used to pay back the debt. Seventy-five percent of the increased property taxes is used to repay public infrastructure costs, and 25 percent of the increased value goes to government to pay for public services. Once the debt is paid, all the increased property taxes go to government.
