CDFA Washington Financing Roundtable Newsletter - April 2017

CDFA Washington Financing Roundtable Newsletter - April 2017
April 19, 2017



Feature
Costs Push Seattle Arena Bidders to Opposite Tactics Instead of asking for new tax money or redirecting current tax revenues, a developer bidding to rebuild KeyArena seeks to use the municipality's ability to borrow money more cheaply than the rate for private borrowers from commercial lenders. Key Infrastructure Projects Make WA State Budget The recently released proposed 2017-19 Washington State Senate and House Capital Budgets have included funding for the Port of Quincy's road infrastructure project and the City of George's water line infrastructure project at the Port's Industrial Park No. 5. Seattle Incentive Zoning Program Supports 2,100 Affordable Units The city of Seattle expects to generate about 2,100 new affordable housing or rent-restricted units after the city council approved an upzone proposal to allow taller buildings in downtown and South Lake Union. The program allows developers to build taller, in exchange for building affordable housing units. New Development Will Rise in Tacoma's Hilltop Business District A long-awaited mixed-use project in Tacoma's Hilltop neighborhood is getting closer to breaking ground after the City Council recently approved an eight-year property tax break for the developer. The $40 million development will include 247 market-rate apartments and almost 17,000 square feet of retail space. WA Invests $123K to Train 90 Marine Welders in Port Angeles The Washington State Department of Commerce has awarded a $123,000 Governor's Work Start grant to develop customized curriculum and train certified aluminum welders to support business expansion and new jobs at Armstrong Marine Inc. (AMI) in Port Angeles. New Affordable Apartments Financed Across Western WA The Commission approved a total of $253.1 million in financing for the rehabilitation or new construction of more than 1,000 affordable apartments across western Washington. The Commission finances affordable housing by issuing tax-exempt bonds and allocating Low-Income Housing Tax Credits. KeyArena Proposals 'Knocked it out of the Park,' That's how Seattle's Economic Development Director Brian Surratt summed up the bids made to renovate KeyArena at Seattle Center. "People are serious about building an arena," said Surratt. Both AEG and Oak Group have submitted proposals, yet AEG is asking for a public financing concept.
Upcoming Events
Intro Tax Increment Finance WebCourse May 10 - 11, 2017 - Daily: 12:00 - 5:00 PM Eastern This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. CDFA Washington Conference October 10, 2017 - Seattle, WA Join the CDFA Washington Financing Roundtable for a special one-day conference hosted at Foster Pepper PLLC in Seattle. This event will feature a number of economic development finance experts from around the state discussing development finance tools, authorities, resources and approaches, and how these can affect the Washington economy going forward.
Sponsor
State Partner Venue Sponsor Premium Sponsor For information about sponsoring the CDFA Washington Financing Roundtable, review the sponsor prospectus and complete our sponsorship agreement or contact CDFA.
New Members
Law Office of Floyd Chapman, PLLC - Tacoma, WA
The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.