Ordinance 2997-07 - Laserfiche WebLink

CITY OF EVERETT, WASHINGTON PROPOSED EVERETT RIVERFRONT REVENUE DEVELOPMENT AREA FORMATION NOTICE OF PUBLIC HEARING NOTICE IS HERBY GIVEN that the EVERETT CITY COUNCIL will hold a public hearing on a proposal to designate the Everett Riverfront Revenue Development Area ("RDA") to fund or partially fund public improvements within the proposed RDA and secure a matching state contribution for these improvements. The Public Hearing will be held as follows: Date: Wednesday, May 9, 2007 Time: 8:30 a.m. Place: City Council Chambers, 3002 Wetmore Ave,Everett, Washington, 98201 The purpose of the meeting is to take public testimony on the following: Washington State has enacted new legislation creating the Local Infrastructure Financing Tool ("LIFT'). The LIFT Legislation authorizes a local government to pass an ordinance designating a Revenue Development Area ("RDA") within which certain public infrastructure improvements may be financed through the allocation of various property and excise taxes. By designating an RDA as proposed, Everett can apply for a state contribution of up to $1,000,000 per year for 25 years to be used for repayment of bonds issued to finance eligible public improvements within the RDA. The RDA boundaries are described in the map below. NOTE: This proposal will not increase tax rates for property owners. Everett intends to cooperate with the state agencies or possibly local governments in this endeavor to obtain the benefits of LIFT and to promote positive economic development in Everett's Riverfront area. This effort is intended to provide numerous benefits for the City and all of Snohomish County. These benefits will include: ♦ promoting a mixed-use redevelopment that will generate new jobs. • providing an area for both housing and business development to occur in a manner that helps preserve the County's limited supply of agricultural and resource lands. • helping to reduce traffic congestion by allowing more people to live where they work. The contemplated eligible public improvements within the Riverfront RDA include roads, bridges, trails, parks, public transit facilities, and utilities, all of which are needed both to support economic development and to improve the quality of life for City and County residents. The total cost of the improvements is estimated at approximately $36 million. Approximately $14 million, including State and the City's matching contributions, is estimated to be borne by LIFT-related funding, representing approximately 38% of the overall cost of the eligible public improvements within the Riverfront RDA. Other resources available to finance the eligible public improvements within the Riverfront RDA include general funds, land-sale proceeds, solid-waste funds, and possible state and federal grant funds. The estimated period during which LIFT is contemplated to be used is 25 years, commencing on July 1, 2010 and concluding in 2035. 50797168.3