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Spokane Valley council advances "opportunity fund" code changes and moves to pursue Opportunity Zone nomination
Summary
Council advanced municipal code amendments creating a Tourism Opportunity Fund to underwrite visitor‑driving events using limited TPA (lodging tax) dollars and gave unanimous consensus to nominate Census Tract 123 for Opportunity Zone designation; staff described application details and reporting safeguards.
The Spokane Valley City Council on April 28 advanced code changes to establish a modest Tourism Opportunity Fund (an "Opportunity Fund") and signaled unanimous support for staff to pursue an Opportunity Zone nomination for Census Tract 123.
Community and Economic Development Director Mike Basinger told council the fund—seeded by prior lodging‑tax allocations—was designed to help attract events and venues that generate hotel room nights and local economic activity. “The goal of the program is essentially to fund events and venues that bring visitors to stay in Valley hotels,” Basinger said. The council instructed staff to place awards recommended by the lodging‑tax commission on the consent agenda for council review.
City Attorney Kelly Concrete explained the proposed code requires applicants to provide standardized economic projections, identify event locations and alternatives, and sign a grant agreement with protections for the city. That grant agreement must limit use of funds to the approved purpose, identify reimbursement procedures (the code contemplates reimbursement and allows alternatives), require post‑event reporting of tourism statistics and income, secure insurance and indemnity, and include remedies for breach including repayment of improperly spent funds.
Council members asked how applicants would estimate average daily rates and room nights; staff said the city purchased Placer.ai data and will help applicants with projections. Council discussed whether the fund should reimburse only documented costs or pay on deliverables; staff said the program is new and a reimbursement model with performance considerations is likely.
On Opportunity Zones, staff briefed the council on the federal tax‑incentive program that can encourage private capital to invest in designated low‑income census tracts. Staff recommended nominating Census Tract 123 because it meets the state’s criteria—demonstrated community need, market readiness, developable land parcels and alignment with local policy priorities including housing and transit connections. Staff said applications to the state are open now and close May 28; council gave unanimous consensus to proceed with the nomination and to return a formal resolution and letter of support for the application.
Next steps: the ordinance text amendments for the Opportunity Fund will proceed as scheduled; city staff will assist applicants with economic impact metrics and place commission recommendations on council consent agendas for final action. Staff will submit the Opportunity Zone nomination packet before the May 28 deadline and return to council with the formal resolution and any requested refinements.
