X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VANCOUVER, WA-Clark County says it is considering action that would provide the City of Vancouver the much needed ongoing financial support it needs to assure voters that a planned $10-million convention center won’t be a constant drain on the city’s coffers.

On July 23, County commissioners will have a public hearing on the formation of a public facilities district. If it is formed, the PFD would automatically receive a small slice of sales tax revenue currently flowing into state coffers, but enough to provide Vancouver $500,000 annually toward the ongoing operation and maintenance of a convention center.

The date of the meeting is important because the district must be created by July 31 in order to get the tax revenue. If it happens, the city will likely get the money, because even though the county could use the money for other things instead, the state requires the money go toward a project of $10 million or more and one that will be underway by Jan. 1, 2004.

Vancouver created its own public facilities district in 1999 to finance the special events center project south of Esther Short Park. The economy has since caused revenue from the district to fall well below projections, forcing officials to shelve their plans for the events center.

The events center was part of a larger plan that includes the publicly-financed convention center and a privately-financed hotel. The concern about the convention center, however, has been that it will be a perennial money loser. The county’s money would help assure that the city wouldn’t have to take away from other services to keep it in the black.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.