The Clark County Council on Tuesday moved forward on a public-private partnership intended to pave the way for the development of more than 2,000 acres north of Vancouver.
For a decade, the crescent-shaped area near the 179th Street/Interstate 5 interchange has been in urban holding, a planning designation that essentially blocks development until funding is secured for infrastructure upgrades to accommodate additional traffic.
As Clark County has grown, property owners have asked the county to lift that designation, and developers have stepped forward with offers to pay for improvements. Since January, the county council has been evaluating ways to raise $66.5 million for five road improvement projects needed before development could occur. The funding options have relied on varying degrees of public and private contributions.
Late Tuesday night, the county reached its first significant milestone to secure funding when the council voted 4-1 in favor of a resolution that outlines how to pay for the infrastructure improvements.
Under the county’s plan, developers would pay $26.6 million, including $6.8 million in advanced traffic impact fees and $5.3 million in surcharges through developer agreements. The county would pay $39.9 million through various funds and grants, with no increase in property taxes.