Local view Nov. 30: Vancouver must pursue waterfront opportunity

On Monday, Nov. 17, a majority of the Vancouver City Council voted in favor of funding road, rail and utility improvements to support redevelopment of 32 acres along Vancouver’s waterfront. With that vote we laid the groundwork to rev what will be a powerful economic engine for our community.

The proposed waterfront redevelopment on the former Boise Cascade site will provide enormous economic benefits to the region and the state. An estimated $1.3 billion in private investment is expected over the next decade in the form of more than 1 million square feet of new professional office, retail and hotel space, 10 acres of public open space and 2,700 new residences.

What do we see happening on Vancouver’s waterfront? We see something impressive and memorable. We see a mix of business people, residents and tourists creating an energetic buzz. We see people enjoying waterfront green space flanked by visually distinctive buildings and eye-catching art pieces with plazas that encourage walking or biking. All of that and more is possible in our own front yard.

The cost of the public infrastructure will be funded by the city, state and federal governments, BNSF Railway and the developer. The project will help connect downtown to the waterfront with corridors for vehicles and pedestrians. These improvements are required for any waterfront redevelopment to succeed and will benefit Vancouver regardless of what ends up taking place on the site. The return on this investment is sizeable — every public dollar invested in this project will be matched by an estimated $30 of private investment.

It is important to distinguish the city’s investment in the public infrastructure to the boundaries of the property from the proposed private redevelopment in which the city bears no financial risk. The development group, Columbia Waterfront LLC, has committed to contributing $8 million toward these public infrastructure improvements, on top of $35 million they will pay to construct an on-site street and utility network. Columbia Waterfront, which includes local investors, is bearing 100 percent of the risk on this project.

Why fund these improvements, especially in light of the current economic strife impacting both national and local government budgets? As some say, a crisis is a terrible thing to waste. We benefit by taking advantage of current low construction costs.

Aside from creating a spectacular, welcoming “front door” to the state and region, this project is about two things: jobs and tax revenues.

We need quality jobs. In addition to the thousands of jobs that will be created during 10 to 15 years of construction, this development will see approximately 2,600 permanent jobs created. The proposed development will undoubtedly help us capture some of the estimated 63,000 workers who currently commute elsewhere for their jobs.

We anticipate this project will generate, conservatively, $235 million in new state and local taxes over the next 25 years, including nearly $147 million to Washington state. The proposed development will import state and local tax revenues from out of state by capturing retail sales activity that currently occurs in Oregon. In addition, the proposed hotel will bring in tourists and business travelers from outside the region.

This waterfront redevelopment project presents an opportunity to transform Vancouver and benefit the entire state.

The project has received federal funding, and Gov. Chris Gregoire has pledged additional state support, because of the significance of this project. It is important, even in the toughest economic times, that we continue to build our community with courage and vision. By funding the public infrastructure to support the waterfront redevelopment, we have made a valuable investment in our community.

This is a once-in-a-lifetime opportunity. If the city does not move forward with the critical public infrastructure needed to open the waterfront, the window of opportunity that is now open will close. Our community simply cannot afford to let this opportunity pass us by.

Royce Pollard is mayor of Vancouver.