Drafter
Clerk 07/22/2009
Title
AN ORDINANCE limiting King County's participation in the Port Quendall Revitalization Area; and declaring an emergency.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. King County has received notification from the city of Renton of the city's intent to create a Revitalization Area as recently authorized under Chapter 270, Laws of Washington 2009, but has received limited written information with regard to the proposed Revitalization Area or related financial plan for debt repayment.
B. As set forth in Chapter 270, Laws of Washington 2009, local taxing jurisdictions that levy regular property or local sales and use taxes in the proposed Revitalization Area are automatic participants in the revitalization areas unless contrary notification is provided to the initiating jurisdiction before formal action by the initiating jurisdiction to create the Revitalization Area. The city of Renton indicates that formal action will be taken on August 17, 2009.
C. Automatic local jurisdiction participants pledge seventy-five percent of regular property tax increases resulting from new construction in the Revitalization Area to repayment of debt issued to fund public improvements in the area.
D. Due to insufficient information, the impact to King County of dedicating certain portions of the county's regular property taxes and/or sales and use taxes to support of the Port Quendall Revitalization Area is unknown at this time.
E. King County's general fund faces substantial budget shortfalls for the foreseeable future. Allowing the diversion of property and sales tax revenues during this budget crisis would exacerbate the current funding crisis. Given the limited time for the county to notify the city of its intent to opt out of the Port Quendall Revitalization Area a declaration of an emergency is warranted.
SECTION 2. Through this ordinance, King County removes itself as a participating taxing distr...
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