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HomeMy WebLinkAbout1522 ResolutionAT Eve APP Greg ells, City Cl rk , City Att orney Ira L----Schmidt , _ayor Pro Tern RESOLUTION NO 1522 A RESOLUTION of the City of Pasco supporting SJR 143 - Community Redevelopment Financing WHEREAS, there is a continued need for our communities to eliminate central city blight and the deterioration of our neighborhoods, and WHEREAS, there is an absence of available financing mechanisms to fund the provision of these capital facilities, and the corresponding rehabilitation and redevelopment needs of cities, counties, and towns, and WHEREAS, certain types of capital projects result in increased value of the surrounding property and increased private sector Investments, and WHEREAS, many other states have provided a mechanism, known as Community Redevelopment Financing, where such capital facilities can be financed by earmarking the increased property taxes resulting from such new investment to pay off bonds issued to finance such projects, and WHEREAS, the 28 other states currently utilizing Community Redevelopment Financing have met with a large measure of success In each case, the promise of assured private development has made possible extensive public improvements, as well as created thousands of new jobs, and WHEREAS, the 1982 Washington State Legislature approved Senate Joint Resolution 143 amending the Washington State Constitution to allow cities and towns to utilize Couimunity Redevelopment Financing, and WHEREAS, Senate Joint Resolution 143 will be voted upon this November by voters in the State of Washington, NOW, THEREFORE, BE 1T RESOLVED BY THE CITY OF PASCO, acting by and through its City Council, that the City of Pasco supports approval of SJR 143 to build stronger communities and create new jobs for the citizens of Washington State PASSED by the City Council of the City of Pasco at a regular meeting on the 16 day of August , 1982