By Erin Freeman | Lynnwood Times Staff
SNOHOMISH COUNTY, Wash., January 22, 2021 – The Snohomish County Council expressed full support for extending a tax incentive for businesses settling within the Cascade Industrial Center (CIC), advocating for the continuation to Washington State Senators and Representatives on January 11.
A joint effort by the cities of Marysville and Arlington created by the Legislature in 2015 aims to attract businesses to the CIC – 4,000 acres of manufacturing and industrial zoned land with over 1,700 developable acres. The exemption of property taxes in the area is set to end in 2022.
According to a letter of support signed by the councilmembers and county Executive Dave Somers, the tax incentive has just begun to show impact, as it took until 2019 for the Puget Sound Regional Council to designate the area as a Manufacturing and Industrial Center.
Councilmember Megan Dunn said she signed the letter to support the tax incentive as it included a limited extension, also including an increase in the living wage.
“It was four years after the legislation passed in 2015 for the Puget Sound Regional Council to designate the area as a Manufacturing and Industrial Center, therefore businesses can use this additional time to invest in this area to make up for this time lag,” Dunn said in an email.
In light of the Boeing Company’s recent decision to streamline 787 Dreamliner production in South Carolina, the county says that maintaining the county’s appeal for new manufacturing business through the tax initiative is critical for the region.
“With the Boeing Company’s decision to consolidate production of the 787 Dreamliner in South Carolina, creating new manufacturing business is critical for the region,” Dunn continued.
“We are doing everything we can at the local level to generate this economic growth and ask that the Legislature do the same by extending this important tax incentive tool,” reads the letter.
With 33% of Snohomish County’s work force commutes to King County for work, Dunn says that promoting local and living wage jobs is essential to reduce commuter traffic congestion and provide opportunity for our residents.
“This property tax credit will continue to spur economic growth and the creation of local, family-wage jobs in North Snohomish County,” Councilmember Nate Nehring told the Lynnwood Times.
The CIC currently supports 8,000 jobs, 45% of which are directly in manufacturing. The zoned land is anticipated to sustain 25,000 jobs in total by 2040, strengthening the local economy, says the council.
For more information about the CIC, visit https://www.marysvillewa.gov/786/Cascade-Industrial-Center.
Author: Erin Freeman
One Response