Missing Millions By Less Than Three Seconds
October 14th, 2009 by Steven GardnerYou may recall that Bremerton is set to receive $330,000 a year extra in sales taxes for a parking garage project that might also include a movie theater. The city was one of six to be targeted for the funding in a bill in the Legislature earlier this year. The state approved the city’s application in September.
Also included, however, was room for other governments to use the tax-increment financing program. Enough funding was set aside for five or six projects on a first-come, first-served basis.
The Olympian has a story about how Lacey submitted its application within 15 seconds of the opening time for applications, and finished eighth, less than three seconds behind the final project to get funded. From the story:
“That was the strangest thing I’ve run across,” Lacey Mayor Graeme Sackrison said. “It was sort of like when you lose out in the final seconds of eBay.”
State Sen. Derek Kilmer, D-Gig Harbor, is quoted in the story saying the demand demonstrated for this funding proves Washington should offer more tax-increment financing programs.
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