September 15, 2009 at 3:12pm
MICHAEL SWAN: THIS JUST IN >>>
This just arrived from the Guv’s office:
Governor Chris Gregoire today announced that the state will provide six Puget Sound cities with up to $500,000 each annually for up to 25 years to help finance public improvements.
Auburn, Bellevue, Federal Way in King County, Tacoma and University Place in Pierce County, and Bremerton in Kitsap County are among 13 communities to share in $4.75 million made available annually through a Local Revitalization Financing program enacted by the Legislature this year and signed into law by Gregoire.
Bellevue, Tacoma, and University Place will each receive $500,000 annually, Bremerton $330,000, Auburn $250,000 and Federal Way $100,000.
The approved projects generally include transportation and utility improvements to facilitate commercial and residential development.
The program authorized cities and counties to create revitalization areas, sell bonds to pay for public improvements within that area, and pay off the bonds with the state money, local contributions, and local sales and property tax revenue generated by new activity within the revitalization area.
The state contribution comes from a share of the state sales tax generated in the community.
More information on the projects and the Local Revitalization Financing program is available here.
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