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Bremerton to receive state revitalization funds
Gov. Chris Gregoire announced the state will provide six Puget Sound cities, including Bremerton, with up to $500,000 each annually for up to 25 years to help finance public improvements.
Along with Bremerton, Auburn, Bellevue, Federal Way, Tacoma and University Place 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.
Other recipients include Kennewick, Spokane, Vancouver, Wenatchee and Clark and Whitman counties. Some of the projects were designated as demonstration projects by the Legislature and others were approved on a first come, first-served basis. All were required to submit applications, which were approved this week.
“I’m pleased that the state can help these communities make key public investments that will stimulate economic growth,” Gregoire said.
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 at http://dor.wa.gov/content/doingbusiness/localrevitalizationfinancing.aspx.