City Council designates International Financial Services Area

On June 17, members of the City Council passed a resolution that designates an International Financial Services Area (IFSA) as a special emphasis area within the Downtown Commercial Core Zone; requesting the City Manager to develop and report on recommendations for the expansion, retention, and recruitment of international financial services businesses in the IFSA; and stating the Council’s intent to request that the Planning Commission evaluate existing downtown zoning regulations with the intent of facilitating international financial services business development.

The IFSA will be defined as the portion of downtown Tacoma between and defined roughly by the parcels on the north side of South 8th Street on the north to the parcels on the south side of South 15th Street on the south; and by the west side of Commerce Street on the west and 1-705 on the east, along with any contiguous parcels.

The City will establish services and incentives that serve to further investment potential within this industry cluster. Financial services are services such as banking, loan, security, investment management and investment advisory, mortgage servicing, contract collection, and finance leasing services engaged in by financial businesses or businesses similar to or in competition with financial business.