City Extends Tax Break On Mixed-Use Development

VANCOUVER, WA-The City Council here is extending a 10-year property tax break to keep alive the possibility of a $10 million mixed-use development. The tax break, approved Monday, will allow the Vancouver Housing Authority and Vern Rifer Real Estate Development to continue planning the project slated for 5.2 acres west of Main Street and north of 24th Street.

The two companies are planning to build 23 town houses, 53 apartments, retail space, a parking garage and a public plaza. The Housing Authority has been working on the project for more than 10 years. According to city staff estimates, the city will realize a net gain of $450,000 in property taxes over 20 years despite granting the exemption. Only Councilwoman Jeanne Lipton voted against continuing the tax break, saying the tax break is meant for improving blighted areas, and she didn’t think the Hough neighborhood property falls into that category.