Did the financial analysis include development potential from Totem Lake Mall and Evergreen Hospital?
The analysis does take into consideration the eventual development of Totem Lake Mall but does not include any special consideration for Evergreen Hospital other than normal growth in employment and property tax from new construction of adjacent buildings. Evergreen Hospital is a public entity and is exempt from property tax and business taxes. The City will have already received sales tax revenue related to construction at the hospital by the time annexation might occur. • Q: What happens to the financial gap in 2011? A: The state sales tax credit provides revenue to the City for a ten-year period, which ranges from $4–6 million per year. To recognize that this revenue source only lasts for 10 years, the City has worked to identify costs that could be financed over that period, so that the overall costs are reduced at the same time the revenue is reduced (in year 11). Those costs relate to the expanded facilities that are needed to house City staff that will provide services (a public
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- Did the financial analysis include development potential from Totem Lake Mall and Evergreen Hospital?
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