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Council member outlines Public Facilities District master plan; council to consider TIF financing and a development agreement
Summary
Council Member Parcel said Lynnwood's Public Facilities District master plan could generate new taxable income and that council decisions this year may include Tax Increment Financing support and a development agreement if the district secures financing.
Council Member Parcel updated the council on the Public Facilities District (PFD) master plan, describing it as a regional investment that could generate new taxable income and noting that the council may face decisions on Tax Increment Financing (TIF) and a development agreement later in the year.
"A lot of estimates surrounding the new master plan that it will bring, upwards of $4,000,000 in, new act new taxable income for state," Parcel said, adding a second figure he described as "1.5 for county." Parcel did not specify units for the county number in the work session remarks.
Parcel said the PFD is not administered by the city but that Lynnwood seeks to work closely with the district on benefits to the city. He described outreach to neighboring cities and said Lynnwood's planned event center will be intentionally different from facilities in Edmonds and Everett so as not to duplicate regional offerings.
Parcel said some council decisions could come "to a head in June" if the PFD moves forward with financing, at which point the council may consider approving a development agreement with the district. He also described the PFD's four annual community events, including the Lynnwood Luau and a Veterans Day "Heroes Among Us" event.
Ending: Parcel asked the council to continue coordinating on financing options and regional collaboration as the PFD advances its master plan and funding strategy.
