Contact Information

  • Governor's Office, 360-902-4111

Governor Gregoire Announces Bellingham is First Recipient of Program to Help Create Jobs

For Immediate Release: December 5, 2006

Local governments across the state invited to apply for additional $2.5 million

OLYMPIA�Governor Chris Gregoire today announced that the Bellingham industrial waterfront will be redeveloped under a new financing tool that she signed into law earlier this year. This is the first project to receive an award under the Local Infrastructure Financing Tool (LIFT).

�Investment in Washington communities and business environment is an investment in our future,� said Governor Gregoire. �This program provides a new way to support Washington�s public infrastructure, helping to create jobs and increase local economic growth.�

Created by the 2006 Legislature and signed by Governor Gregoire, LIFT helps local governments promote economic development by providing up to $5 million per year in state sales and use tax revenue for 25 years. The financing is provided through a credit against state sales taxes generated in the participating communities.

Three projects in Bellingham, Vancouver and Liberty Lake were pre-selected by the Legislature to receive annually up to $2.5 million of this revenue. Other local governments will have an opportunity to compete for the remaining $2.5 million through a competitive process.

The Washington Community Economic Revitalization Board (CERB) has approved the $25 million in public tax authority for the New Whatcom Revenue Development Area (RDA). To assist the redevelopment of the waterfront, $1 million per year will be provided for 25 years. The Legislature reserved another $1 million per year for the Liberty Lake project and $500,000 per year for the project in Vancouver.

On December 4, CERB released guidelines inviting local governments to apply for the remaining $2.5 million in annual financing authority. The board will make final decisions on those applications in September 2007.

The City of Bellingham will develop the New Whatcom RDA on the former Georgia Pacific mill site and surrounding properties. Since the closure of the mill in 2001, the City and Port of Bellingham have worked together to clean up that site and the Whatcom Waterway, and develop a plan for changing the allowable land use.

The City of Bellingham will use LIFT to finance public improvements that will help create an estimated 2,500 jobs and 5,700 residences in the next 25 years. They will direct tax revenues of almost $32 million and the Port of Bellingham will direct another $3.5 million to help pay for the infrastructure. The City and Port also anticipate $880 million in private investment.

�The City of Bellingham is proud to have the opportunity to demonstrate use of the Local Infrastructure Financing Tool (LIFT) for our Waterfront Redevelopment Project,� said Theresa Holm, the City of Bellingham Finance Director. �LIFT revenues will be a significant source of funding for the infrastructure necessary to spur economic development on the site resulting in new jobs, housing and public access to our beautiful waterfront.�

�In CERB�s 24-year history, it has remained a reliable and flexible conduit for the legislature to direct state economic development policy,� said CERB Chair Tom Trulove. �CERB is pleased to have been selected to implement the new LIFT Program, along with the Department of Revenue.�

###