As a result of a new State law created in 2021, cities, counties, and ports in Washington State may utilize Tax Increment Financing (TIF) to financially support infrastructure improvements (e.g., streets, water and sewer systems, sidewalks, parking facilities, stormwater systems, park or community facilities, and brownfield mitigation) necessary for private development, providing for jobs and additional tax revenue.
Locally, the Port of Pasco recently utilized a TIF at the Riemann Industrial Center. In the Broadmoor area, a TIF can be an important tool allowing the City to make targeted infrastructure investments to spur economic development that will benefit Pasco and the region.
Final action on the formation of a TIA can only occur by Council with the adoption of an ordinance following the preparation and review of the TIF Project Analysis. A TIA ordinance is anticipated to be presented to Council in October 2022 for consideration.
More information on the Broadmoor Tax Increment Financing Program can be found here.
For more information, contact the Community & Economic Development Department at (509) 545-3441.