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Council adopts Lynnwood City Center tax-increment financing ordinance authorizing up to $24 million in bonds
Summary
The Lynnwood City Council adopted Ordinance 3479 establishing a tax-increment financing (TIF) district for the Lynnwood City Center, authorizing intent to issue bonds not to exceed $24 million and listing public improvements to be funded. The ordinance passed unanimously.
The Lynnwood City Council unanimously adopted Ordinance 3479 on May 27, creating the Lynnwood City Center tax-increment financing (TIF) area and declaring the city’s intent to issue bonds with maximum principal not to exceed $24,000,000 to finance public improvements.
What the ordinance does: The ordinance (No. 3479) designates the TIF area, sets a sunset date for the TIF district (specified in the ordinance), identifies public improvements that may be financed with increments from the area and sets an effective date for the increment to begin on June 1, 2025. The ordinance also imposes a deadline for commencement of construction of financed projects.
Council rationale and projects cited: Council member Parshall, who moved the ordinance, described projects the TIF is intended to support, including a Town Square Park (about 1.6 acres near the current Goodwill site), the Phase 1 redesign of 40th/Second Street to break up large blocks and improve circulation, and the 190 Fourth / 30 Eighth ring-road connection that is associated with the Lynnwood Public Facilities District (PFD) convention-center master plan. Parshall said the city expects the work will support new housing (including affordable housing) and estimated construction employment effects: roughly 8,000 construction jobs and approximately 1,200 ongoing jobs associated with development in the district (estimates discussed by council and the PFD).
Financial and interlocal notes: Economic Development Manager Ben Walters said staff updated ordinance language in committee to correct the share that the proposed increment area represents of the fire and hospital districts; the figures in the ordinance were adjusted to 0.17% for the fire district and 0.19% for the health district. Walters and consultant Bob Stowe presented the ordinance draft in council discussion and described TIF as a mechanism to finance major public infrastructure without a direct, immediate increase in citywide taxes.
Vote and outcome: The ordinance passed by roll call vote, 6–0. Council roll call recorded all present members voting yes.
Next steps: City staff and consultants will proceed with the TIF program implementation steps identified in the ordinance, including the bond issuance planning and project delivery. The PFD and private developers will continue to refine master plans and project phasing; further public hearings and approvals will be required as projects move to design and construction.
