Notice is hereby given that a public briefing will be held by the City of Lakewood on Thursday, April 11, 2024 at 3:00 p.m. to review a proposed Tax Increment Finance area within the City of Lakewood. The meeting will be held virtually via Zoom. If you would like to provide virtual Public Comment during the meeting, you will need to join the Zoom meeting by calling in via telephone at +1(253) 215- 8782 and enter meeting ID: 861 2946 2898. The passcode is 199166. You can also click this link: https://us06web.zoom.us/j/86129462898?pwd=iY8HSFiYoty70uOkYcCQ9bDI4Nrzb3.1
Click here to view the Lakewood Downtown Tax Increment Financing (TIF) Project Analysis.
For further information, please contact Becky Newton, Economic Development Manager, at (253) 983-7738, or bnewton@cityoflakewood.us.
What is this “proposed Tax Increment Finance area within the City of Lakewood” about?
Tax increment financing is a tool that allows cities, counties, and ports in Washington state to bond against future anticipated increases in property taxes for infrastructure improvements. Lakewood is building a downtown and this tool will help with much needed improvements for the community.
It’s a proposed property tax increase by the City.
In gambling this is called “betting on the come”. That is to say you are betting today in anticipation of a big payoff in the future which conceivably might or not pan out. Lakewood is betting (borrowing) today in anticipation that all this high density development will in the future create enough increased tax revenue to justify that bet. If that bet doesn’t pan out guess who’s left holding the bag?
LakewoodCARES.org