Pierce County Executive John W. Ladenburg today announced that $3 million received from the Boeing Company in property tax receipts will be used to accelerate construction of improvements to the Canyon Road and East 176th Street intersection. The intersection is near the entrance to the Boeing Frederickson plant.
This project will benefit not only the Boeing Company and its employees but the entire county, which depends on the Frederickson area for jobs and the other benefits of a major manufacturing center, according to Ladenburg.
The money comes from taxes for the years 1996 through 2002 that were unpaid because of a dispute between the company and county over the assessed value placed on some of the parcels within the Boeing Frederickson operation.
Boeing and the county worked together to find a fair assessment of the property value. The process concluded earlier this year in a settlement agreement.
The Canyon Road corridor is used daily by thousands of commuters and by trucks carrying freight to and from Frederickson via State Highway 512.
The intersection of Canyon Road and 176th Street East serves as the gateway to the Frederickson area and is at the doorstep to the Boeing Company.
Major improvements at this key intersection will establish the cornerstone for the Fredrickson industrial area and adjacent community.
County engineer Tom Ballard said he has been directed by Ladenburg to start developing construction drawings for the project immediately.