HomeMy WebLinkAbout3351 Resolution RESOLUTION NO. �3:�_/
A RESOLUTION ESTABLISHING AN INCENTIVE PROGRAM TO
ENCOURAGE PRIVATE INVESTMENT AND INCREASE THE COMMUNITY'S
TAX BASE.
WHEREAS, Increased industrial and commercial investment is a long-standing Council goal;
and,
WHEREAS, The per capita assessed value in Franklin County is lower than the average per
capita assessed value in Washington State;and
WHEREAS, A priority of City Council is to develop an incentive program that increases
development of vacant parcels in areas substantially built-out or underdeveloped, increase the existing
tax base and maximize use of the existing public investment in infrastructure; and,
WHEREAS, A successful commercial/industrial incentive program will have the secondary
benefit of job growth; and,
WHEREAS,The incentive program should be confined to a specific geographic area to optimize
residual benefits to the community; and,
WHEREAS, The Industrial Development and Infrastructure Fund can be the primary funding
source for an incentive program;and,
WHEREAS, An incentive program can be based on a credit applied to the provision of public
improvements and facilities required by the City for individual development projects;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PASCO:
Section 1. The City of Pasco establishes the following Industrial and Commercial Incentive
Program:
■ The City's Industrial Development and Infrastructure Fund will be the primary funding
source.
■ The amount to be disbursed annually will be determined by City Council.
■ The incentive credit will be in the form of a reimbursement applied to a portion of the cost
(not to exceed 50%) of providing public improvements required as a condition of a building
permit issued by the City.
■ The incentive credit will be available for new development and substantial renovation of
existing buildings meeting zoning requirements in industrial and commercial zoning districts
contained in the area illustrated in Exhibit 1.
■ Substantial renovation of existing buildings requires a private investment greater than 50%of
the current assessed value of the building.
■ A minimum private investment of $300,000 for both new development and renovation is
required for eligibility.
■ The amount of the incentive credit is based on the building permit value of the new
development or renovation.
■ The incentive credit is not available for properties exempt from the payment of property tax.
■ Disbursement of the incentive credit requires City Manager approval.
Section Z. The incentives allocated under this program will not exceed the following limits:
• /\ 1f6 credit will he provided for new development orrenovations expected to increase the
City's property tax base but donot provide substantial iocreasemtnthereociptofmdeeuud/oc
utility taxes.
• /\ 296 credit will be provided for new development oc renovations expected to increase the
City's property tax base and provide substantial increases tmthe receipt of sales and/or utility
ruxem,
Passed by the City Council of the City of Pasco tbiy uyof N0Vtjqhr20Il
Matt Watkins, Mayor
ATTEST: APPROVED &S T()FORM:
Debbie L Cluck, City Clerk ~—~\_ Leland B. Kerr, City Attorney