The council accepted the motion to set boundaries for this Tax Increment Area (TIA) in East Chelan, in order to fund water utility infrastructure projects.
City Administrator Wade Farris emphasizes that this new district would not raise property taxes, but would capitalize on increased investment within that area.
The city is expected to bring in approximately $4,465,294 annually through property tax revenue within this TIF district, based on new construction projects that are estimated to bring in a $50 million increase in value.