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Bill #:  1648

Not tracked  Support

Community economic revitalization in incorporated areas

Companion bill #: No Companion Bill.



House - Senate - CMTE


Summary/AWC comments


Update 4/12 – Language from this bill was included in the House's Capital Budget.

A second substitute version of this bill passed out of the Capital Budget Committee with significant amendments on Feb 26. On March 9 the bill was amended on the floor and passed out of the House on a 89 - 8 vote. Unfortunately the bill never moved out of the Senate Committee on Trade & Economic Development and is likely dead for this session.

HB 1648 would create a new loan program administered by the Community Economic Revitalization Board (CERB). Specifically it would authorize CERB to make interest-free loans to municipalities to finance public facilities projects to improve opportunities for revitalizing existing retail, industrial, or commercial properties located within incorporated areas. Eligible properties must be abandoned, or have more than seventy-five percent of their square footage vacant.

The maximum loan amount would be $2 million and repayment would need to start within five years. The maximum loan term would be 20 years.

Eligible and Ineligible Revitalization Projects
General system improvements can be funded at a minimal level if critical to the project. The project must demonstrate that a specific private development or expansion is ready to occur and will only occur if the public facility improvement is made. In addition, the project must be part of a capital facilities plan, comprehensive plan, or an economic development plan consistent with applicable state planning requirements and must demonstrate economic feasibility.

Other factors that must be considered in evaluating and prioritizing projects are: the project's value to the community, including support from affected local businesses and government; the project's readiness to proceed; feasibility; the commitment of local matching resources; the project’s inclusion in a capital facilities plan; and whether the project offers health care coverage.

The CERB must not provide financial assistance for a project that: facilitates a retail shopping development with a floor area over 10,000 square feet; results in displacement of existing jobs in another Washington community; primarily facilitates or promotes gambling; results in the development of a professional sports arena; or is located outside the municipality's jurisdiction. The CERB must provide reasonable terms and conditions for repayment for loans.


Latest version of bill:

Link to WA Legislative bill page

Official title:

AN ACT Relating to community economic revitalization in incorporated areas;

Sponsors:

Appleton, Johnson, McCoy, Pike, Ryu, Moscoso, Hansen

Go To Bill #

 

AWC Contacts

Analyst:  Dave Catterson
Lobbyist:  Alison Hellberg

Issue Area

Infrastructure, Economic Development, & Transportation

Additional Info:


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