Ordinance 2997-07 - Laserfiche WebLink

/rA. ORDINANCE NO. 2 9 9 7 -07 An Ordinance creating the Everett Riverfront Revenue Development Area pursuant to Chapter 39.102 RCW (Local Infrastructure Financing Tool Program) WHEREAS, Chapter 39.102 RCW, (Chapter 181, Laws of 2006, as amended by Chapter 229, Laws of 2007, (collectively the "Act")) provides that a sponsoring local government may create and adopt a revenue development area within which certain specified public improvements may be financed through the allocation of various property and excise taxes, as set forth in the Act; and WHEREAS, subject to approval by the Community Economic Revitalization Board ("CERB"), the Act provides the City of Everett ("City") with the opportunity to demonstrate the benefits of the Local Infrastructure Financing Tool ("LIFT") a limited form of tax increment financing, which has been used successfully in states throughout the nation to promote positive economic development; and WHEREAS, redeveloping Everett's riverfront on the Snohomish River will provide numerous benefits for all of Snohomish County and to the region. These benefits include: (1) promoting mixed-use redevelopment that will help generate new family-wage jobs; (2) 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 natural resource lands; (3) helping reduce traffic congestion by allowing more people to live near where they work—instead of having to commute long distances; (4) facilitating remediation of environmental contamination within the site to a standard suitable for mixed-use redevelopment; (5) creating a productive, environmentally-conscious community with opportunities for recreation, education, shopping, living, working and entertainment; and (6) facilitating the creation of valuable public recreational and educational resources, including access to the river and wetlands; and WHEREAS, a revenue development area would provide significant assistance in carrying out the cooperative redevelopment of Everett's riverfront; and WHEREAS, the Act requires the City to create a revenue development area, subject to provisions of the Act, to qualify for a state contribution up to a total amount of one million dollars per year; and WHEREAS, the City Council determines that 2008 should be used as the base year from which to measure the incremental future taxes for purposes of the Act; and WHEREAS, in order to create a revenue development area, a sponsoring local government must adopt an ordinance consistent with the requirements RCW 39.102.090; and WHEREAS, prior to passage of this ordinance, the City Council held a public hearing on May 9, 2007 notice of which was published in the Everett Herald, the legal newspaper of general circulation within the proposed revenue development area, at least ten days before the public -1-