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Richland PFD says REACH is stable after refinancing and seeks updated interlocal agreements
Summary
Steve Wiley told the Richland City Council the Richland Public Facility District has restructured debt, grown reserves and is prioritizing planning and business cases for REACH upgrades and potential expansion; he asked the council to renegotiate interlocal agreements and maintain lodging‑tax support before any ballot measure.
Steve Wiley, a representative of the Richland Public Facility District, told the city council on March 24 that the PFD has moved from a precarious post‑recession position to a financially stable stance after recent refinancing and steady local tax‑base growth.
Wiley said the PFD currently receives roughly $1,000,000 a year in income and that about three‑quarters of the PFD’s funds come from the state sales‑tax rebate; he noted the state rebate (0.33%) brings the PFD about $750,000 a year and that a separate 0.2% local sales tax measure, if approved by voters, would bring an estimated $4,500,000 annually. “Right now we get about $1,000,000 a year in income,” Wiley said, and he added the district’s tax base has grown about “over 6 and a half percent per year” on average.
The nut graf: Wiley described two near‑term financial moves that changed the PFD’s outlook.…
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