RSSFormer Boise site could pump $1 billion into economy
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YAKIMA -- Redevelopment of the former Boise Cascade mill site can generate more than $1 billion in direct economic activity for the Yakima Valley, according to an economic analysis released this morning.
The analysis, by J-U-B Engineers of Kennewick, said residential and commercial uses at the 208-acre site would also create $500 million in city property taxes, $68 million in local sales tax revenues and 3,900 permanent jobs.
The economic analysis will better position the city of Yakima and site owners to apply for state designation as a "LIFT" District. Through this state program, the city can keep a portion of state property and sales taxes generated in the district to pay for infrastructure improvements, such as roads.
"We have a unique opportunity to leverage state dollars to accelerate redevelopment," said Michael Morales, deputy director of the city's Community and Economic Development Department.
The study was funded by a $25,000 grant funded by locally generated state sales tax revenues used for economic development projects.
-- By Mai Hoang
