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Bellevue council adopts TIF for Grand Connection Crossing, allows limited administrative adjustments
Summary
At a special meeting the Bellevue City Council unanimously adopted Ordinance 6919, creating a tax increment financing increment area for the Grand Connection Crossing, authorizing intent to issue up to $84.4 million in bonds and approving limited administrative adjustments to keep the plan within a $500,000,000 valuation cap. The ordinance takes effect June 1, 2026.
The Bellevue City Council voted unanimously at a short special meeting to adopt Ordinance 6919, establishing a tax increment financing (TIF) increment area for the Grand Connection Crossing and authorizing the city's intent to issue bonds with an estimated maximum principal amount not to exceed $84,400,000, effective June 1, 2026.
City Manager Diane Carlson opened the meeting and introduced a brief presentation on the item, saying staff and partners had completed what she called "a large body of work" to implement the financing tool for the Grand Connection Crossing. Deputy City Manager Genesee Atkins then recapped the background and timeline from the council's May 5 briefing and said the ordinance before council would establish the increment area and make it effective prior to June 1.
Finance and asset manager John Risha told the council staff had been working with the assessor's office on property valuations and said "we may have a need to administratively just do minor modifications to make sure that we're within the $500,000,000 cap," a limited flexibility staff asked the council to approve. Risha said the valuation work began in October and that the requested administrative authority would be used only if necessary.
Deputy Mayor Hamilton moved to adopt Ordinance 6919, which the motion described as designating an increment area, setting a sunset date, identifying public improvements to be financed, indicating the city's intent to issue bonds to finance public improvement costs, and specifying an estimated maximum principal not to exceed $84,400,000. The motion was seconded by Council Member Robinson. A council member moved a narrow amendment to add explicit language authorizing the city to "administratively make adjustments to the Bellevue IA as necessary to comply with the maximum assessed valuation" while prohibiting adding any property not already identified in the Bellevue IA Exhibit A; that amendment was seconded and approved.
After the amendment passed, the council voted to adopt Ordinance 6919 as amended. The presiding officer recorded the motion as passed with no opposition. Council members thanked staff, former city manager Brad Miyake and partner agencies including King County for their work on the project.
The ordinance creates the TIF increment area for the Grand Connection Crossing, permits limited administrative adjustments to keep the plan within the stated $500,000,000 assessed-valuation cap, and records the city's intent to issue bonds up to an estimated $84.4 million to finance identified public improvements. The council adjourned after the vote.
Next steps: the ordinance is effective June 1, 2026, and staff may proceed with administrative steps and further implementation work consistent with the ordinance and the amendment approved by council.
