Council Approves Financing for Southwest Waterfront Redevelopment

On Tuesday, July 1, Council voted to approve the “Southwest Waterfront Financing Act of 2008.” The legislation provides $198 million in a combination of tax increment financing (TIF) and payment in-lieu of taxes (PILOT) financing for the long awaited Southwest Waterfront project. 

“This is a once-in-a-generation project to redevelop a major portion of the city’s waterfront and change the way our residents and neighborhoods relate to the water,” commented Mr. Wells.

The legislation provides the necessary financing for the public infrastructure on the Waterfront; just part of the overall $1.5 billion project. The public investment enables the project to move forward with the neighborhood’s vision for a waterfront that will rival the excitement of other major metropolitan areas and will deliver investment, jobs, affordable housing and community services to the residents who have driven this public process for almost 15 years.

“This is an important step to create the next economic engine for the city. The project is expected to generate over $40 million a year in tax revenue and projects like these will allow the District to continue its economic expansion,” added Wells.

The legislation will come before Council for a final vote on July 15, 2008. A companion piece of legislation to address land disposition issues is awaiting a public hearing by the Committees on Economic Development and Workforce Development and Government Operations.

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