Annexation Means Money for Bremerton

cashcow.jpgSee this bovine and others doffed in equally elaborate motifs here.

The City of Bremerton did a little analysis, okay maybe a lot of analysis, on the potential should the city annex SKIA. Whaddya know? There’s a profit in it.

Using what city directors said were conservative estimates, the least ambitious of the options would net the city $50,000 in taxes in utility fees. That does not include secondary revenues, such as sales taxes spent by new employees and residents sparked by whatever development occurs.

By “least ambitious,” we mean if the site developed at its current rate. Under that scenario the city would lose money the first three years because of a revenue sharing it would do with the county. Over 20 years, though, the deal would be worth about $1.1 million.

Should movement to the city really spark increased development, though, the city estimates it would see a net profit of about $6.5 million in the same period. Ironically, massive development would not drive the profit margin up much, because it would require about $33 million in sewer infrastructure.

Discussed at Wednesday’s meeting: Partnering with North Mason, state investment and private investment.

Not discussed: Port Orchard and MOAs.

The council will hold a formal meeting with the petitioners (the Port of Bremerton and private property owners) Monday. Then it’s on to round two.

One thought on “Annexation Means Money for Bremerton

  1. I wonder what it will cost the taxpayers and voters in South Kitsap if Bremerton annexes SKIA? How will it affect taxes in unincorporated Kitsap County? I guess that will not matter, it is for the good of Bremerton at high cost to the rest of the County. When will Bremerton decide to annex the McCormick complex and how long before Gig Harbor will need to find a lawyer?
    Roger Gay
    South Kitsap

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