HomeMy WebLinkAbout4742 Ordinance - Creating PMC 3.250 TIF Capital Construction ProjectsOrdinance Creating PMC Chapter 3.250 TIF Capital Construction Fund - 1
ORDINANCE NO. 4742
AN ORDINANCE OF THE CITY OF PASCO, WASHINGTON,
ESTABLISHING A CAPITAL IMPROVEMENT FUND FOR THE
BROADMOOR TAX INCREMENT FINANCING AREA AND CREATING A
NEW CHAPTER 3.250, “TIF CAPITAL CONSTRUCTION FUND” IN THE
MUNICIPAL CODE.
WHEREAS, the City desires to establish a dedicated fund to finance and account for
Broadmoor Tax Increment Financing (Broadmoor TIF) area capital improvements in a transparent
and accountable manner; and
WHEREAS, the Broadmoor TIF Area was established by Ordinance No. 4618; and
WHEREAS, the Tax Increment Financing is a program that allocates revenues generated
from the increased assessed valuation of properties improved by private development that are
within a designated tax increment area to pay for public improvements that are needed to support
the private development; and
WHEREAS, Ordinance No. 4720 authorized issuance of limited tax general obligation
bond not to exceed $39,000,000 to provide funds to make infrastructure improvements in respect
to the Broadmoor TIF Area.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. The City Council does hereby incorporate the above “Whereas” recitals as
findings in support of this Ordinance.
Section 2. That a new Chapter 3.250 entitled “TIF Capital Construction Fund” of the
Pasco Municipal Code, which establishes the fund for the purpose of funding all expenses related
to TIF area construction projects with bond proceeds in a transparent and accountable manner,
shall be and hereby created and shall read as follows:
Chapter 3.250
TIF CAPITAL CONSTRUCTION FUND
Sections:
3.250.010 Created.
3.250.020 Purpose.
Ordinance Creating PMC Chapter 3.250 TIF Capital Construction Fund - 2
3.250.010 Created.
There is established a fund to be called the TIF Capital Construction Fund. The
fund shall use bond proceeds to fund all capital expenditures related to TIF Area
capital construction projects. All interest that is attributable to money in the fund
shall be deposited and credited to the fund.
3.250.020 Purpose.
The purpose for the fund is to record activity related to capital construction projects
in the TIF area.
Section 3. Severability. If any section, subsection, sentence, clause, phrase or word
of this Ordinance should be held to the invalid or unconstitutional by a court of competent
jurisdiction, such invalidity or unconstitutionality thereof shall not affect the validity or
constitutionality of any other section, subsection, sentence, clause phrase or word of this
Ordinance.
Section 4. Corrections. Upon approval by the city attorney, the city clerk or the code
reviser are authorized to make necessary corrections to this Ordinance, including scrivener’s errors
or clerical mistakes; reference to other local, state, or federal laws, rules, or regulations; or
numbering or referencing of ordinances or their sections and subsections.
Section 5. Effective Date. This Ordinance shall take full force and effect five (5) days
after approval, passage and publication as required by law.
PASSED by the City Council of the City of Pasco, Washington, on this 18th day of
November, 2024.
_____________________________
Pete Serrano
Mayor
ATTEST: APPROVED AS TO FORM:
_____________________________ ___________________________
Debra Barham, MMC Kerr Ferguson Law, PLLC
City Clerk City Attorneys
Published: November 24, 2024