- Briefing Room
City of Tacoma - Broadway Local Improvement District
|Project Sponsor / Borrower||
City of Tacoma, Washington
|Value Capture Techniques||
Special Assessment District: Local Improvement Districts
A Local Improvement District (LID) is financial instruments that provide long-term payment plans with relatively low interest rates, so property owners can make upgrades. Such improvements can include permanent street and alley paving, streetlight installation, sanitary sewer extensions, and the undergrounding of overhead utility wires in view-sensitive areas. Each property owner is assessed according to the benefit to their respective property and the amount each property owner pays must be proportional.
The LID area encompasses approximately 14.75 acres of usable land and 1,637,222 square feet of building area. The 411 tax parcels identified within the LID boundary range from vacant properties to commercial and public offices, plus multi-family apartments and condominiums.
|Project Delivery / Contract Method||
|Project Advisors / Consultants||
|Duration / Status||
Local Improvement District 28-year Assessment
Project Status Completed in 2012:
|Financial Status / Financial Performance||
|Innovations||Provides a way for property owners to get together to pay for street and alley paving, sanitary sewers, street lighting or underground wiring
The City of Tacoma effectively implemented the Broadway LID.
Benefits of LIDs include:
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