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News / Clark County News

City: Waterfront project could generate $33M in tax revenue

Development has promising 20-year projections for Vancouver, Clark County

By Amy Fischer, Columbian City Government Reporter
Published: April 26, 2015, 5:00pm

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.

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.

Based on that $220 million investment figure, Ramras analyzed how much annual revenue local jurisdictions would generate, taking into account variables that would generate sales tax, property tax, real estate excise tax, utility taxes and lodging taxes. She looked at the total number of new condominiums and assumed each resident would spend a certain amount of money in town and how much sales tax that would generate. For retail space, she took a conservative approach, assuming vacancy rates and business turnover.

“The biggest assumption is the size of the development. The rest of it flows from the new activity in those new buildings he’s going to construct by 2017,” Ramras said of Barry Cain, Gramor’s president.

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Columbian City Government Reporter