AWC partnered with the Department of Revenue to present a webinar on

New Funding Opportunity on Local
Revitalization Financing

NEW LRF Demo Application Now available
Link to webinar

About this webinar

It’s a great opportunity for funding, but the September 1, 2009 application timeline is tight. To get you started, AWC and the Department of Revenue hosted a free webinar on June 9, 2009 to look at information you need for the application and discuss critical timelines.

What is the LRF?

• Allows cities and counties to apply to the Department of Revenue for up to $500,000 for 25 years of state funding to finance local public infrastructure improvements in a concentrated area within their jurisdiction called a local revitalization area (LRA). The local government estimates increases in local sales/use tax revenue, measures increases in local property tax revenue and then uses such increases to pay off bonds issued to finance the public improvements or to pay for public improvements on a pay-as-you-go basis.
• Applications for state funding are approved on a first come basis beginning September 1, 2009. Total awards may not exceed $2.5M in each year.
• Demonstration projects that were specifically listed in section 402 of 2SSB 5045 must apply to the Department of Revenue for approval no later than September 1, 2009.

The webinar included:

• A question and answer document on property taxes as it applies to this new authority;
• A checklist of information that will need to be provided when applying for state funding (the checklist is the basis for the formal application that is still under development); and
• A timeline of milestones to implement this new authority.

NOTE: Those cities considering applying for an LRF must begin their ordinance process immediately!

To learn more please link to our LRF webinar training materials at: www.awcnet.org/awcdor_lrfwebinar

Who participated?

Cities, counties and our good friends

For questions please contact Ashley Probart at ashleyp@awcnet.org