Where can I get more information on the proposed increment area and adoption process?
For more information or questions, please email info@portvanusa.com or call 360-693-3611.
What are the overall economic benefits of the Tax Increment Area?
The Tax Increment Area is expected to generate substantial economic impacts for the regional economy. The construction of the public improvements is
Does this take dollars away from the local schools?
A tax increment area will not negatively impact schools as they are exempt by law from being included in this new financing
Who manages the revenues from the increment area?
The governing body adopting the increment area, in this case the port, will form a separate fund dedicated to the tax allocation
How does this impact the taxing districts that currently receive revenue from the properties within the increment area?
Currently, there are no taxes being assessed at the Terminal 1 site. In the proposed tax increment area, all increased property taxes
Where does TIA money come from? Will our property tax bills increase?
No. Property taxes will not increase because of an increment area. The source of the revenue is the property taxing districts such
Where is the proposed increment area?
The proposed area at Terminal 1 includes the six blocks under port ownership and the area within the Columbia River where a
What are eligible projects for the TIA financing tool?
TIA’s in Washington can be used for specific purposes. In Terminal 1, these improvements will include streets, sidewalks, dock facilities, park and
Why is the port considering use of an increment area?
While private developers are already undertaking some projects in Terminal 1, creating both temporary construction jobs and long-term jobs, the port itself
How will the public amenity projects such as the public market, outdoor gathering spaces and walking trails be funded?
The port will use some of their general obligation bonds to finance the public improvements at Terminal 1, but this will not