Revenue Development Area ordinance to be considered

Members of the City Council are scheduled June 24 to hear the final reading of an ordinance that would designate approximately 658.6 acres bounded by South 4th Street to the north; South 28th Street, Interstate 705, State Route 7 northbound, Wiley Avenue and Interstate 5 to the south; Dock Street, Puyallup Avenue and L Street to the east; and Tacoma Avenue to the west, as a Revenue Development Area. The ordinance would also authorize the submittal of a Local Infrastructure Financing Tool (“LIFT”) Competitive Program application to the State Community and Economic Revitalization Board for public improvements such as parking infrastructure, right-of-way and streetscape improvements. The projected investment in public improvements will act as a catalyst to attract at least $400 million of new private investment in office development and support uses and the creation of approximately 2,000 livable wage jobs in international financial services and other fields.