Notice for Public Briefing 2 Ridgefield Tax Increment Area
The City of Ridgefield will hold a public briefing on October 26, 2023, at 5:30PM at Ridgefield Administrative and Civic Center, 510 Pioneer Street on the tax increment financing of the public improvements in the proposed Ridgefield Tax Increment Area. The proposed TIA is centered around the intersection of I-5 and SR 501/Pioneer Street. The boundary includes properties stretching as far north as North 20th Street, east as North 85th Ave, south as South 20th Way, and west as Royle Road. The boundary includes 939.1 acres.
The following additional transportation projects have been included on the proposed TIA project list so that if future tax allocation revenues are sufficient, the City has the option to pay for these projects with tax allocation revenues from the increased property taxes from the assessed value of the proposed new private development in the Ridgefield Tax Increment Area. The proposed projects and amounts of Tax Increment Area financing allocated to the projects are primarily transportation infrastructure to allow for better traffic flow and for new development to occur in the TIA and building a regional stormwater facility. The transportation improvements are to widen Royle Road, Build North 5th Street, North 51st Avenue, North 56th Avenue, South 51st Avenue, widen Pioneer Street, build a new east/west street south of Pioneer, build a new north/south street east of I-5 and build the South 10/11`th Street I-5 overcrossing.
The funding of a TIA is from the increased property taxes from the new development within the TIA and the impact is primarily on the other taxing districts. A detailed projection of impacts on other local governments is shown in the Project Report on the City of Ridgefield website.
You may attend the meeting online at https://ridgefieldwa.us/government/city-departments/city-council/.
For more information, please visit the City of Ridgefield Tax Increment Area website at https://ridgefieldroundtable.org/tax-increment-area
