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The Port of Ridgefield could become the latest Clark County jurisdiction to turn to tax increment financing to fund infrastructure projects, including along the Lake River waterfront.
Port CEO Randy Mueller said in an interview Monday that the port is still investigating the idea.
Financing tax increases can be complicated, but proponents say they can be a big help in paying for expensive public projects.
Tax increment financing approved by Congress in 2021 allows jurisdictions to create separate tax increment areas. Real property within a designated tax area is assigned a fixed or “base” property value at the time the tax area is formed. Other taxing districts, such as cities, fire districts, and counties (so-called junior districts), continue to receive property tax revenue based on their fixed value rather than an assessed value that is updated annually.
However, taxes levied on future increases, or increases, in the assessed value of real property are paid to the port for the cost of public improvements.
The port has identified two areas for tax planning. One is near the waterfront and the other is a larger area near the Interstate 5 interchange near Northeast 179th Street and Northeast 219th Street.
Moller said the port has not yet finalized the list of projects, but several categories have been identified, including waterfront reconstruction.
Clark-Cowlitz Fire Department Chief John Knoll expressed concern last year about the potential impact on lower-taxing districts like his when the city of Ridgefield was developing its tax plan.
“Our concern is that this process will take 25 years,” Noah said in an interview in June.
Knoll said the new developments brought about by the tax plan will lead to additional calls for service, but there won’t be commensurate tax revenue to pay for firefighters and equipment to respond to those calls.
Mueller said the port plans to meet with intermediate taxing districts before the tax plan is finalized.
In addition, two public meetings will be held where residents can learn more about the proposal and provide feedback.
Tax increment financing plans are not the only option being considered for funding future development at ports, especially along the waterfront.
“We’re pursuing grants, we’re talking about contributions to the port, we’re also talking about future developer contributions,” Moller said. “To be honest, there’s not a lot of toolboxes available to fund really large projects like this.”
Mueller said the date for the public meeting should be announced soon. Updated information will be posted on the Port’s website.
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