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Urban renewal budget includes $1.5M purchase of 311 East Central and $270,000 for downtown projects
Summary
The urban renewal budget presented by the finance director includes a $1,500,000 purchase and renovation of 311 East Central, $270,000 for larger downtown capital projects, and continued façade grants and Main Street revitalization funding.
The committee reviewed the urban renewal agency27s budget and projects, including a notable $1,500,000 purchase and renovation of 311 East Central that drove a major year-over-year expenditure increase in the urban renewal fund. "The major difference is the 1,500,000 that we purchased and are renovating 311 East Central," Tammy Trowbridge, the finance director, told committee members.
Trowbridge said the agency used tax increment financing (TIF) and a revolving $1,000,000 line of credit with the city to support projects; she said the district projects roughly $21,000,000 capacity in borrowable TIF over the life of the district. The budget includes $270,000 for larger downtown capital outlay projects, $100,000 for downtown improvements, continued façade grant funding for business storefronts, and modest reimbursements to the Sutherland Water Control District tied to offsets from the urban renewal district.
Christy Guttler, the city27s community development director, described several downtown efforts: continuation of façade grants, an ongoing Main Street revitalization program and a planned partnership with a developer on the Everett/Cal South property purchased with the district. Guttler said businesses are using existing façade funds and a 2025 grant application is pending.
The committee approved the urban renewal budget for 2025-26 in the amount of $1,534,800 during the meeting.
