Governor signs economic development legislation
New Pierce County legislator’s first bill
signed into law
April 30, 2007
OLYMPIA— Gov. Gregoire signed a number of bills today aimed at
boosting economic development across the state. Included was a measure
sponsored by first-term legislator Rep. Troy Kelley (D-Tacoma) to
up the state’s contribution to the new financing tool known as LIFT
(Local Infrastructure Financing Tool) to $7.5 million annually.
Last year, the Legislature passed the new pilot program in an effort
to help local governments finance economic development projects. The
program offered a new way for communities to finance economic
development projects without additional cost to taxpayers.
Kelley’s measure will allow local governments to capture a portion of
new and future sales, property and excise tax revenue coming into a
designated area – such as revenue from increased commerce or
construction – and finance a bond against those future revenues. The
bond can then be used to improve water lines, roads, affordable housing
and other infrastructure needs necessary to attract and retain economic
development.
“Local governments working on development projects – such as
revitalizing neighborhoods, attracting or expanding job-creating
businesses – were handed a tool today,” said Kelley who sponsored the
legislation at the request of Gov. Gregoire. “This legislation will
increase Washington’s competitiveness and help our economy grow.”
In 2006 the Legislature passed a pilot of the LIFT program that
allocated $5 million per year, half of which was slated to three
projects in Vancouver, Bellingham and Liberty Lake.
Kelley’s bill adds an additional $2.5 million per year to the
program, for a total contribution of $7.5 million per year for LIFT.
Under the proposal, projects like the one taking place in the
University Town Center in University Place will be eligible to apply for
funding by July of this year through July of 2008.
Other economic development legislation signed by the Governor on
Monday includes:
- Innovation Partnership Zones (HB 1091): Legislation to create
regions throughout the state where research and business have connected
to create thriving job centers. Areas will submit proposals and compete
for designation as a Partnership Zone. They then are eligible for
support through sales-and-use-taxes for public facilities, LIFT
financing, and other job skills programs.
- Public-Private Tourism Partnership (HB 1276): Legislation to
increase marketing, both local and statewide, and improve oversight of
state tourism efforts. A competitive local tourism grant program is
created to assist with local tourism-related efforts and $9 million is
invested in a public-private match program to start in 2011. Washington
currently ranks 47th out of 50 states in tourism funding.
- Permit assistance for economic development (SB 5508): Legislation
to help businesses with the state’s permitting process by directing the
Office of Regulatory Assistance to work with local and state governments
to improve transparency and predictability throughout the permit
process.
# # #
Staff Contact:
Derek Baker (360) 786-7697; baker.derek@leg.wa.gov
House Bill 1277:
http://apps.leg.wa.gov/billinfo/summary.aspx?bill=1277&year=2007
House Bill 1091:
http://apps.leg.wa.gov/billinfo/Summary.aspx?bill=1091&year=2007
House Bill 1276:
http://apps.leg.wa.gov/billinfo/summary.aspx?bill=1276&year=2007
Senate Bill 5508:
http://apps.leg.wa.gov/billinfo/summary.aspx?bill=5508&year=2007
Radio and TV News Directors: To obtain broadcast-quality audio on
this issue, or to arrange for TV or radio interviews, please contact
Caucus Broadcast Coordinator Dan Frizzell at frizzell_da@leg.wa.gov or
(360) 786-7208.
| 
