The city of Blaine has canceled two upcoming public briefings for the proposed tax-increment financing (TIF) district.
The public briefings, scheduled for April 10 and April 24, would have informed residents on TIF, including what public improvements TIF would fund and tax revenues other taxing districts would receive.
Blaine City Council voted 4-3 during its February 27 meeting to send an analysis on creating TIF to the Washington state treasurer for feedback. As proposed, TIF would be established in the upcoming east Blaine neighborhoods Grandis Pond and East Harbor Hills to fund $3.5 million worth of infrastructure. The city would take out bonds or loans to pay for the infrastructure and then repay those debts through projected increases in assessed property value. The assessed property value would not grow for other taxing districts, such as the fire district, until the city’s debt is paid.
No information was provided by press time on why the meetings were canceled or if they would be rescheduled.
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