Terminal 1 is the Port of Vancouver’s original marine terminal and signature waterfront redevelopment project. The location, on the Columbia River immediately west of the I-5 bridge, welcomes residents and visitors to the community and represents the area’s rich history and culture. Once completed, the project will include the AC Hotel by Marriott, office and retail space, public art, outdoor gathering areas, walking trails, and a public market featuring local artisans, fresh foods, and restaurants.
The port is exploring all options for funding the Terminal 1 project, including partnerships with private developers, federal and state grants, and a new funding tool, called a Tax Increment Area, created by the Washington Legislature.
The Washington legislature has created the authority for a city, county, or port to create a tax increment area (TIA). A TIA area is an economic development tool and is used throughout the United States.
Establishing a tax increment area is a financing method of allocating future property taxes to finance public improvements in a specific area. In this case, the specific area is the property encompassing only the port’s Terminal 1 project. As the increment area develops, this creates new assessed property value and taxes that are reinvested back into the increment area.