Tacoma approves Point Ruston LID amendments

Tacoma City Council took voted unanimously Oct. 20 to approve amendments to the Point Ruston Local Improvement District (LID) agreement, signalling improvements to Ruston Way and greater safety and access to the waterfront and community.

In addition to beginning the process of closing down the cramped and contaminated tunnel connecting Ruston with Tacoma, the LID will also create two roundabouts that will reduce congestion and provide greater access to the waterfront. All of the “vintage” utilities in the area are also being modernized to current standards as part of the LID project.

Point Ruston, as the developer, pays all the costs of the project, including city formation and guaranty fund costs of almost $3,000,000. The LID agreement provides access to municipal bonds to provide financing for the project.

Council’s action amended the agreement to increase the LID financing from $11 million up to $15.5 million to account for final design requirements that increased the scope of work and thus increased costs.

“The realignment of Ruston Way will greatly improve traffic flow and safety while reducing gridlock in the area,” said Mike Cohen, principle of Point Ruston. “We are delighted to partner with the City of Tacoma and Town of Ruston on this significant transportation improvement for our community.”

Point Ruston is a Built Green community development of waterfront living, dining, shopping, entertainment and recreation that will feature over 50 acres of public open space and parks, and nearly 10 acres of public shoreline water walkway.