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DATE SUBMITTED: May 21,2008 BILL # o8-14:L
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Ordinance No. sv5J- Committee Meeting Date: May 28, 2008
creating the Bremerton Harborside Revenue COUNCIL MEETING Date: June 4, 2008
Development Area Department: Financial Services
Presenter: Laura S. Lyon
Phone: 473-5722
SUMMARY: Washington State has enacted legislation creating the Local Infrastructure Financing
Tool (LIFT). The LIFT legislation creates an opportunity to redirect existing revenue sources to
projects that benefit the local community by designating a Revenue Development Area (RDA). The
City must obtain permission from the State to use this authority. To secure the State's permission,
the City must participate in a process specified by law and compete against other interested
government agencies throughout the state. The selection of Bremerton would authorize the City
(within the approved and established RDA) to finance certain economic development public
infrastructure improvements through the reallocation of various existing property and excise taxes.
Use of LIFT does not increase property or sales tax rates.
The estimated period in which local infrastructure financing is contemplated to be used is twenty-five
(25) years. If the City is selected by the State for this program, LIFT would commence as early as
July 1,2011 and conclude no later than June 30, 2039.
Staff has completed the required notification procedures and ensured all conditions of the proposed
Revenue Development Area meet the eligibility criteria and therefore recommend that the City
Council approve the ordinance creating the Bremerton Harborside Revenue Development Area.
A TT ACHMENTS: Ordinance and Exhibits, Explanatory Memo with Supplementary Info .
Attachments
FISCAL IMPACTS (Include Budgeted Amount): By creating an RDA, the City of Bremerton could
qualify for a maximum state contribution of up to $1,000,000 per year for 25 years to be used for
repayment of bonds issued to finance eligible ublic improvements wit .n the RDA.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
COMMITTEE CHAIR
COUNCIL PRESIDENT: CONSENT AGENDA 0
GENERAL BUSINESS 0
PUBLIC HEARING
RECOMMENDED MOTION: Move to approve Ordinance No. 505:L creating a Revenue
Development Area to be known as the Bremerton Harborside Revenue Development Area.
COUNCIL ACTION: ~prove o Deny o Table o Continue o No Action