20-Year Revenue Forecast by Taxing District
City of Vancouver: $16.2 million.
Clark County: $4.6 million.
C-Tran: $3.5 million.
Vancouver School District: $6.7 million.
Port of Vancouver: $739,000.
Fort Vancouver Regional Library: $1 million.
State of Washington: $65 million.
Total: $98 million.
Local revenue total (state not included): $33 million.
The first five-block phase of Vancouver’s waterfront development project could generate $33 million in tax revenue for local jurisdictions in the next 20 years, according to a city analysis.
The city of Vancouver would be the biggest winner, netting $16.2 million (in today’s dollars), according to Deputy Finance Director Natasha Ramras’ forecast. That’s just for the first phase, which covers about a quarter of the full land development.
“At full development …it’s going to bring in plenty of revenue to everybody,” Ramras said.
Gramor Development of Tualatin, Ore., plans to build a $1.3 billion residential and commercial development encompassing 21 city blocks on 32 waterfront acres of formerly industrial land just west of the Interstate 5 Bridge. Construction begins this fall on the first $220 million phase, featuring condominiums, a hotel, restaurant, offices, retail space and parking facilities.
