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Among the items on the Edmonds Economic Development Commission agenda for its Wednesday, Aug. 21 meeting is a discussion of tax increment financing.
The hybrid meeting will run from 6-8 p.m. in the third-floor Brackett Room of Edmonds City Hall, 121 5th Ave. N.
You can watch remotely at this link. The meeting ID is 986 9668 5791 and the passcode is 901513.
You can see the complete agenda here.
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What is the economic plan that needs financing? Already allowing lot line to lot line low income housing is a terrible idea as it dumps way too many autos into street parking and it eliminates single family housing. I can’t wait to hear what other “good” ideas the council has.
To clarify, this is the all-volunteer citizens Economic Development Commission meeting, not the council. Tax increment financing is a topic that was brought up during the city council’s discussion about revitalizing the Highway 99 area, and I imagine the commission wanted to learn more about what that entails. — Teresa
Tax Increment Financing (TIF) is a public financing method used by local governments to fund redevelopment, infrastructure, and other community-improvement projects. The basic idea is to use the future increase in property tax revenues generated by the development to pay for the initial investment in that development.
In essence, it’s a financing strategy that utilizes property tax revenues—essentially other people’s money—to subsidize developers who might otherwise avoid investing in a neighborhood due to the low return on investment. The marketplace often views these types of investments as unfavorable, which is why they require subsidies of taxpayer money.