In a Special Meeting on October 31, the Pasco City Council approved the formation of a Tax Increment Financing (TIF) package to fund nearly $40 million in road improvements for the Broadmoor area.
The Tax Increment Financing program, recently authorized by the State Legislature, allows municipalities to use the increased property tax from development for infrastructure projects. The Broadmoor area, slated for significant retail and housing developments, makes for an excellent candidate for TIF.
The increased property taxes through the TIF will pay for the bonds that fund these improvements and not burden current residents or businesses.
The map and brochure show the improvements slated to be funded by TIF, including interior roads for the area, expansion of Sandifur Parkway and Road 100, and significant improvements to the I-182/Road 100 interchange.
“The TIF will demonstrate to potential developers that the City is committed to the infrastructure to attract the high-quality projects that the area needs,” said outgoing City Manager Dave Zabell after the TIF passed. “It will also demonstrate to current residents that the City is not only addressing current transportation issues in the Broadmoor area but also the City is being proactive in assuring those system improvements funded by the TIF will accommodate future growth.”
The City of Pasco is the first city in Washington State to take advantage of the TIF program. The City expects improvements to begin construction in 2023.
The City of Pasco strives to continue improving the quality of community life in Pasco.