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Published on Friday, January 24, 2014

Value capture financing bill gets hearing in House

One of the key ways local governments can promote economic development and support local economies is to provide quality infrastructure. With declining state support for local infrastructure, cities are struggling to fund infrastructure improvements. Rep. Springer (D-Kirkland) has introduced HB 2349 that could be an effective tool for cities wanting to make public improvements to stimulate private development.

On January 23, the House Finance Committee heard HB 2349 that would allow cities to impose a special property tax within an apportionment district on the incremental property value increase within the district to finance public improvements within the district.

Kurt Triplett, City Manager of Kirkland, gave excellent testimony on why this bill would be good for cities as a whole and what they could do with this tool in Kirkland. You can view his testimony here starting at 1:44:55. (To advance to that time move the slider below the video).

AWC is highly supportive of this bill and will continue to advocate for it.