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01-21-2023 Council Retreat PresentationsCITY OF Federal Way Centered on Opportunity CITY COUNCIL RETREAT PRESENTATIONS January 21, 2023 Item Agenda Item Title Page 4 Review of Council Rules of Procedure 2 6a Envisioning Downtown 16 6b Catalyzing Investment 32 8. Downtown Federal Way -Tax Increment District 44 8a. TIF 101 46 8b. Discussions of RCW & WA Examples 47 8c. Proposed Tax Increment Area 57 8d. Increment Forecast 60 8e. Proposed Project List 66 8f. Funding Mechanics 71 8g. Adoption Process 67 10. 320th Dip Update 96 11. Code Amendments 101 Misc. Tax Increment District FAQ 110 Page 1 of 112 Attendance in Person Council leadership believes that in -person attendance of Council Meetings and Council Committee meetings is an important part of elected service. Presented Rules changes are meant to prioritize in -person participation. Rules Changes presented today are a starting point for discussion. If a consensus is reached on what a the rule should be, a draft rule will be presented to Council at a Regular Meeting for a vote. 2 Section 11.1 Excused Absences Issues: • Absences for vacations are not addressed. • Definition of a family member is missing nieces and nephews. 3 Section 11.1 Excused Absences (a) Death of immediate family member "Immediate Family" is defined as the Council Member's parent, spouse or domestic partner, child, sister, brother, mother-in-law, father-in-law, sister-in- law, brother-in-law, grandparent, grandchild, aunt, uncle, niece, nephew, or the step -relation equivalent to those listed. 4 Section 11.1 Excused Absences (c) Absences for Council Business A Council Member who is absent because of other commitments representing Council or because of circumstances beyond the Council Member's control, such as due to unforeseeable traffic, weather, or mother exigency. WL--Yacations A Council Member will be excused from one Regular Council Meetication. 5 11.2 Characterizing Absences Issue: Current Council Rules do not describe a mechanism for determining if an absence is excused or not excused. 6 11.5 Attendance from a Remote Location Issue: In person attendance of meetings is to be encouraged and remote attendance limited. 8 11.5 Attendance from a Remote Location (a) Purpose. The City Council believes that regular in -person attendance at Council Meetings and Council Committee meetings is an important dart of service in an elected position. However, Council recognizes the benefits of the fullest practicable attendance and participation by its Members and by the Mayor and hereby allows attendance from a remote location of Regular, Special, and Committee Meetings of Council through the use of electronic two-way communication methods such as speakerphones or Internet communication platforms, subject to the constraints described in this section. 9 11.5 Attendance from a Remote Location (b) The Presiding Officer of a meeting shall be physically present at the meeting location. (c) Attendance of an executive session of a Council Meeting from a remote location is not permitted for executive sessions. (d) Effect. Votes cast by the Council Member attending remotely consistent with these rules will have the same effect as votes cast by members physically present at the meeting. The Presiding Officer must be physically present at the meeting. 10 11.5 Attendance from a Remote Location (e) Intent. Attendance from a remote location is intended to be an infreguenused alternative and re������r*��� method for participation at meetings by Members of the Council. A Council Member may attend a Regular City Council Meeting remoter a maximum of � times der calendar dear. Any remote �articivation in excess of 3 times per calendar dear will be considered an absence. Summary of Changes Nieces and nephews added to definition of immediate family member i vacation a year added as excused absence Chair excuses members but any Council Member may ask for a vote if they believe absence should be unexcused. Unexcused absences voted on by Council. Remote attendance to be used infrequently and no more than 3 times per calendar year. Caps on number of Council Members who can attend remotely at once removed. 13 Council Discussion Envisioning Downtown Federal Way, City Council Retreat Journey through 2022 1/18 Redevelopment of TC3, 21st Ave S and beyond 2/15 Authorization to issue RFP to develop TC-3 Land Plan (VIA) 2/26 Council Retreat 2022 4/15 Downtown Ad Hoc began bi-monthly meetings 5/17 TC-3 Update &Authorization to Study Feasibility of the Dip 11/15 Authorization to issue RFP for TC-3 Land Disposition 2023 Action Today 2023 Council Retreat Q1 Review TC-3 Proposals Q2 City Center HAPI Code Amendments Pill 111� I �� l�� Q4 Execute DA for TC-3 What are the benefits to a ,great Downtown ?. Downtown Burien n .- - .- - - J- - - r` - .- .- - - J- = - .- The anatomy a great Downtown • Municipal Anchors • Architectural Integrity • Diversity of Uses &Spaces • Multimodal Options &Gateways • Quality Outdoor Spaces • Local History, Culture, Public Art &Regional Context Vibrancy Reduced Vehic Speed Increased WaaiiytSpace Reduced llleg� Parking 'Crossing tance Em Vitality And why should we prioritize a Downtown for Federal Way? w Establishing a Tax Are.-!%, i Wo- M Z��� no • Tax Increment Financing (TIF) 101 • Proposed Federal Way TIA Overview • Increment Forecast • Proposed Project List • Adoption Process • Finance Considerations • Questions &Answers • Washington Legal Framework • How it works • Required analysis • Adoption process • Examples from other communities • RCW 39.114-, HB 1189 enacted in 2021 • Cities, counties, and Ports can establish Tax Increment Areas (TIAs) to fund public improvements that enable private development redirects some taxes paid • Current taxable assessed value in TIA is "frozen," and property taxes from the frozen tax allocation base value are pa'i'd to taxeing districti 9 Increase 'in assessed value i's increment value, and property taxes from 1 eincrement value are pa'Id to the TIA (tax allocation revenues) • TIAs can collect tax allocation revenues for a maximum of 25 years • No more than two per municipality • Assessed value: less than 20% or $200M • Identify property to be acquired by municipality • Legal description* Picture Source: Port of Vancouver I Zvi W00A r.� City of Federal Way Tax Increment Area Proposed Tax Increment Area Parce@s 500 0 500it . s * County Regular Levy * County Lid Lifts * County Transportation Levy * County Conservation Futures EMS Sound Transit Tax Rate Summary Table City of Federal Way Tax Code, Area Taxing District 1202,1205 County -wide regular levy. (non -voted) $ 0-5735 13-32% AFIS (Fingerprint ID) Lid Lift $ 0., 03 19, 0. 74 % Parks Lid Lift $ 01.. 18 58 4.32% Human Srvs,(Vets: Lid Lift $ 0-0916 213% Chil,dren/Fa,milty Justice Ctr. . Lid Lift $ - 0-00% Best Start for Kids: Lid Lift $ 0-1900 4-41% Radio Communications Lid Lift $ 0-0491 1.14% County -wide Transport levy 01-04-42 1. 03% County Cons:- Futures $ 0-03,12 0-72% County Flood one $ 01.0015 1.89% County Ferry District $ 0..0,0191 0-21 % Port General Fund $ 01.0579, 1.34% EMS (voted) $ 0.2484 5-77% Sound Transit $ 0., 1841 4.28% Library General Fund $ 0.2925 6-79% Fire 39 General Fund 1.4186 32-94% Total 4.3062 100-00% El C"7 Assessed Value I Tax Allocation Increment Tax Rate Revenue $ 132,237,451 $ $ 277,443,728 $ $ 436,597,702 $ $ 610,744,357 $ $ 800,998,986 $ $ 982,537,163 $ $ 1,179,989,441 $ $ (40,193,121) $ $ 1,627,316,549 $ $ 1,879,726,299 $ $ 2,153,129,800 $ $ 2,449,011,896 $ $ 2,768,954,281 $ $ 3,114,641,516 $ $ 3,487,867,406 $ $ 3,890,541,759 $ $ 4,324,697,561 $ $ 4,792,498,562 $ $ 5,296,247,332 $ $ 5,838,393,794 $ $ 6,421,544,262 $ $ 7,048,471,023 $ $ 7,722,122,482 $ $ 8,445,633,923 $ $ 9,222,338,897 $ 3.6727 $ 485,671 3.3736 $ 935,971 3.2432 $ 1,415,969 2.9693 $ 1,813,476 2.8545 $ 2,286,489 2.7442 $ 2,696,317 2.6382 $ 3,113,041 2.5362 $ 3,536,814 2.4382 $ 3,967,787 2.3440 $ 4,406,114 2.2534 $ 4,851,947 2.1664 $ 5,305,442 2.0826 $ 5,766,751 2.0022 $ 6,236,031 1.9248 $ 6,713,438 1.8504 $ 7,199,128 1.7789 $ 7,693,259 1.7102 $ 8,195,989 1.6441 $ 8,707,479 1.5806 $ 9,227,889 1.5195 $ 9,757,380 1.4608 $ 10,296,117 1.4043 $ 10,844,261 1.3500 $ 11,401,982 1.2979 $ 11,969,444 $ 148,824,186 EA\'1LE1 cumulative $ 485,671 $ 1,421,642 $ 2,837,611 $ 4,651,087 $ 6,937,576 $ 9,633,893 $ 12,746,934 $ 16,283,748 $ 20,251,535 $ 24,657,649 $ 29,509,596 $ 34,815,038 $ 40,581,789 $ 46,817,820 $ 53,531,258 $ 60,730,386 $ 68,423,645 $ 76,619,634 $ 85,327,113 $ 94,555,002 $104,312,382 $114,608,499 $125,452,760 $136,854,742 $148,824,186 C' 0 ate of Annual Kevenue Year Assessed Value Increment Tax $ Rate - Tax $ Allocation Revenue - cumulative 2024 $ - 2025 $ 132,237,451 $ 3.6727 $ 485,671 $ 485,671 2026 $ 277,443,728 $ 3.3736 $ 935,971 $ 1,421,642 2027 $ 436,597,702 $ 3.2432 $ 1,415,969 $ 2,837,611 2028 $ 610,744,357 $ 2.9693 $ 1,813,476 $ 4,651,087 2029 $ 800,998,986 $ 2.8545 $ 2,286,489 $ 6,937,576 2030 $ 982,537,163 $ 2.7442 $ 2,696,317 $ 9,633,893 2031 $ 1,179,989,441 $ 2.6382 $ 3,113,041 $ 12,746,934 2032 $ (40,193,121) $ 2.5362 $ 3,536,814 $ 16,283,748 2033 $ 1,627,316,549 $ 2.4382 $ 3,967,787 $ 20,251,535 2034 $ 1,879,726,299 $ 2.3440 $ 4,406,114 $ 24,657,649 2035 $ 2,153,129,800 $ 2.2534 $ 4,851,947 $ 29,509,596 2036 $ 2,449,011,896 $ 2.1664 $ 5,305,442 $ 34,815,038 2037 $ 2,768,954,281 $ 2.0826 $ 5,766,751 $ 40,581,789 2038 $ 3,114,641,516 $ 2.0022 $ 6,236,031 $ 46,817,820 2039 $ 3,487,867,406 $ 1.9248 $ 6,713,438 $ 53,531,258 2040 $ 3,890,541,759 $ 1.8504 $ 7,199,128 $ 60,730,386 2041 $ 4,324,697,561 $ 1.7789 $ 7,693,259 $ 68,423,645 2042 $ 4,792,498,562 $ 1.7102 $ 8,195,989 $ 76,619,634 go 2043 $ 5,296,247,332 $ 1.6441 $ 8,707,479 $ 85,327,113 2044 $ 5,838,393,794 $ 1.5806 $ 9,227,889 $ 94,555,002 kbaf 2045 $ 6,421,544,262 $ 1.5195 $ 9,757,380 $104,312,382 2046 $ 7,048,471,023 $ 1.4608 $ 10,296,117 $114,608,499 2047 $ 7,722,122,482 $ 1.4043 $ 10,844,261 $ 125,452,760 2048 $ 1.3500 $ 11,401,982 2049 $ 9,222,338,897 $ 1.2979 $ $ 11,969,444 148,824,186 $148,824,186 Total U Auld We P Year Assessed Value Increment Tax Rate Tax $ Allocation Revenue - cumulative 2024 $ - $ - 2025 $ 132,237,451 $ 3.6727 $ 485,671 $ 485,671 2026 $ 277,443,728 $ 3.3736 $ 935,971 $ 1,421,642 2027 $ 436,597,702 $ 3.2432 $ 1,415,969 $ 2,837,611 2028 $ 610,744,357 $ 2.9693 $ 1,813,476 $ 4,651,087 2029 $ 800,998,986 $ 2.8545 $ 2,286,489 $ 6,937,576 2030 $ 982,537,163 $ 2.7442 $ 2,696,317 $ 9,633,893 2031 $ 1,179,989,441 $ 2.6382 $ 3,113,041 $ 12,746,934 2032 $ (40,193,121) $ 2.5362 $ 3,536,814 $ 16,283,748 2033 $ 1,627,316,549 $ 2.4382 $ 3,967,787 $ 20,251,535 2034 $ 1,879,726,299 $ 2.3440 $ 4,406,114 $ 24,657,649 2035 $ 2,153,129,800 $ 2.2534 $ 4,851,947 $ 29,509,596 2036 $ 2,449,011,896 $ 2.1664 $ 5,305,442 2037 $ 2,768,954,281 $ 2.0826 $ 5,766,751 40,581,789 2038 $ 3,114,641,516 $ 2.0022 $ 6,236,031 , 2039 $ 3,487,867,406 $ 1.9248 $ 6,713,438 $ 53,531,258 2040 $ 3,890,541,759 $ 1.8504 $ 7,199,128 $ 60,730,386 2041 $ 4,324,697,561 $ 1.7789 $ 7,693,259 $ 68,423,645 2042 $ 4,792,498,562 $ 1.7102 $ 8,195,989 $ 76,619,634 2043 $ 5,296,247,332 $ 1.6441 $ 8,707,479 $ 85,327,113 2044 $ 5,838,393,794 $ 1.5806 $ 9,227,889 $ 94,555,002 2045 $ 6,421,544,262 $ 1.5195 $ 9,757,380 $104,312,382 2046 $ 7,048,471,023 $ 1.4608 $ 10,296,117 $114,608,499 2047 $ 7,722,122,482 $ 1.4043 $ 10,844,261 $ 125,452,760 2048 $ 8,445,633,923 $ 1.3500 $ 11,401,982 $136,854,742 2049 $ 9,222,338,897 $ 1.2979 $ $ 11,969,444 148,824,186 $148,824,186 Total amnle� Cost of Financing �40 Principal 40,000,000 Term 25 A Interest rate aeb. 5.0000% Year Payment Principal Interest End Bal 40,000,000 __ __ _ ___ _ 40,000,000 ______-4------ 4__- _____- ______ ___(2,838,098)-__ (838,098) ____(2,000,000) 139,161,902 k__®___ 39,161,902 (2,838,098) _____ (880,003) _ _(1,958,095) 38,281,899 _ _ 3 ®___ 38,281,899 (2,838,098) _(924,0M _ _(1,914,095) I _37,357,895 4 37,357,895 (2,838,098 970,204 _(1,867,895) j 36,387,692 5 F 36,387,692 �2,838,098) _ (1,018,714� �1,819,385� 35,368,978 6 __ 35,368,978 2,838,098 1,069,649 1,768,449 34,299,328 34,299,328 _ (2,838,098) _ (1,123,132) _(1,714,966)1 33,176,197 $__°______:33,176,197 _(2,838,098) __ (1,179,288) _ _(1,658,810)�__31,996,908 _ _ _ ___ ____ 9_______ 31,996,908 _ ___(2,838,098) ____(1,238,253) __(1,599,845) __30,758,655 _10 ,_ 30,758,655 (2,838,098� (1, 300,166� ____(1,537,933) _29,458,490 ___ _ __ _ _ ___ 1_�_ 29,458,490 (2,838,098- ____(1,365,174.... (1,472------ 924) 28,093,316 12 _ 28,093,316 (2,838,098)(1,433,432 (1,404,666) 126,659,883 26,659,883 (2,838,098) mp (1,505,104) (1,332,994)r 25,154,779 m 14 a m 25,154,779 (2,838,098 _0,580,359 (1,257,739 23,574,420 15 23,574,420 _ (2,838,098� _ (1,659,377� __(1,178,721)�__21,915,043 _ ____ ____ 16 21,915,043 (2,838,098) (1,742,346) (1,095,752)1 20,172,697 ----------------- 17 F 20,172,697 (2,838,098) (1,829,463) _ (1,008,635)1 18,343,233 __18 E _ _ 18,343,233 _ ___(2,838,098) ____(1,920 937� (917,162) __16,422,296 _ _19 16,422,296 (2,838,098� (2,016,983� (821,115) I 14,405,313 _ 20___ _ 14,405,313 ___(2,838,098 _ _ (2,117,833� ______(720,266) I _12,287,480 _ 21 12,287,480 2,838,098 (2,223,724) (614,374 j 10,063,756 ______10,063,756 (2,838,098) (2,334,910) (503,188)� m 7,728,846 24 5 2�8'846 �(2,838,098) (2,451,656� 386,442 � _ ---- 190 23 P 7 190 (2,838,098� (2,574,239� ______(263,859) 2,702,951 25 2,702,951 2,838,098 2,702,951 135,1481 0 (70,952,457) (40,000,000) (30,952,457) Total AV 1.5% AV @ 100% Add Cash reserve Less outstanding Deh $ 14, 210, 298, 330 213,154,475 3,192,943 (29, 686, 656) 186,660,762 (est.) $ 17,142, 528, 580 257,137,929 363,121 (2.7 983 000) $ C229,518,050 2019 SCORE 9,785,000 2013 Community Center 7,750,000 2019 PAEC 3,510,000 2019 HUD Sec. 108 (PAEC) 2,076,000 27,983,000 12% 229,580,050 v Cumulative Mi Year Pavments _2 3 4 .5 _7 __8 ._9 10 12 14 15 16 17 18 19 20 21 22 23 24 25 MM __(2,838,098 (5,676,197 _-8,514,295 11,352,393 14,190,491 17,028,590 19,866,688 22,704,786 25,542,885 28.380.983 34,057,180 39,733,376 42,571,474 45,409,573 48,247,671 51,085,769 53,923,868 56,761,966 59,600,064 ---------------- 62,438,162 65,276,261 68,114,359 70,952,457 BIRIBIMAINHOM Cumulative Revenue __-_. 485,671 1,421,642 ---------------- 2,837,611 4,651,087 ------------ 6,937,576 9,633,893 12,746,934 16,283,748 20,251,535 ---------------- 24.657.649 46,817,820 53,531,258 60,730,386 68,423,645 76,619,634 85,327,113 �94,555,002 104,312,382 114,608,499 125,452,760 136,85_4,742 148,824,186 3P_ F'o Difference 757 7,084,444 10,959,784 15,320,813 20,175,974 25,533,865, 31,403,245 37,793,036, 44,712,318 52,170,337, 60,176,499 68,740,383 77,871,729 El El"n, VVIC 40,00G,001a, 3 G,P, 0,0,000 M11111111111 MOIN on �11 I M of Of �l lo,mxapoia ril d Cashflow Be Po El - 11 12 113 14 15 16 17 18 19 20 21 22 23 24 25 om 5 no cl �fsk Summr. D E 11 11 El Cl 11 a P� 11 11 11 Cl C�UP.StICI 11 Cl Cl 2 c�ncina Policy Cv Cl 2 2 11 Cl 2 P.STIO 11 uly'i'li AM 1/20/2023 Feasibility Key Scope Items • Base mapping & Existing Utility Analysis and Mitigation • Stormwater limitations and analysis • Traffic Impacts Modeling and Mitigation • Geotechnical and Structural requirements and limitations • Identify Horizontal and Vertical Alignment constraints • Constructability evaluation, phasing, scheduling and costing • Analysis of temporary and offsite improvements • Documentation, prepare conceptual design plan, and final report • Present findings to City Council Feasibility Timeline Q4-22 & QZ-23: Consultant Scoping / Selection / Contracting Q1-23 & Q2-23: Data Collection / Consultant Research Q3-23: Project Feasibility Analyses Q4-23: Alternatives Evaluation Q4-23: Cost Analysis Q1-24 & Q2-24: Summarize Findings / Documentation Q3-24: Report to Council Planning for the Future 1/20/2023 Mik £l x' { J1{ft� ,4V s � ?a De De A rA ,s ss.... s� 4 t5ss t li�s 5 , J NOT THIS THIS �e NOTME mom downtown Architecture View Protection Federal WaTax Increment AFAQ 1. What iauTax Increment Area? The Washington State Legislature authorized tax increment financing in 2021. It is a new financing tool in Washington, allowing cities, counties and ports to establish Tax Increment Areas JIM) to fund public improvements that help enable new private development. All T|Aomust have aspecified boundary, oset duration (maximum of25yeors).and o specific list ofpublic projects tobefunded.|nFedena|VVoy.thepn000sedT|/\ino|udeothe property bounded generally to the west of 1-5 and east of Highway 99, and on the north and south sides ufG312 m EBnaet/330m Street. The estimated timefnsmgfor the proposed T|Aia 25yeare. Proposed TIA Boundary 2. How does a TIA work? How does this impact the taxing districts that currently receive revenue from the properties within the TIA? TIAs receive funding from the property tax revenue generated by the growth in assessed value for properties located in a TIA. The property tax levies imposed in the proposed Federal Way TIA include the list below. They are separated by those impacted and those NOT impacted by the TIA. Voter approved bonds and general obligation bonds are NOT impacted by a TIA. State and local school levies are excluded and would not be impacted by the proposed TIA (see question 8 below). TAXING DISTRICTS IMPACTED • County Regular Levy • County Lid Lifts • County Transportation Levy • County Conservation Futures • County Flood Zone • County Ferry District • Port General Fund • Emergency Medical Services • Sound Transit • City General Fund • Library General Fund • Fire District 39 General Fund TAXING DISTRICTS NOT IMPACTED • State Schools Part 1 • State Schools Part 2 (McCleary) • County voter -approved bonds • Port Bond Fund • Federal Way School District 210 • Library General Obligation Bond • Fire District 39 Maintenance & Operations • Fire District 39 General Obligation Bond The property taxes being levied on the current assessed value within the TIA boundary will continue to go to the overlapping taxing districts. In the proposed Federal Way TIA, property tax revenue from increases in assessed value after the TIA is established will go to the City to pay for improvements within the TIA boundary (called tax allocation revenues). This tax allocation revenue is from new development in the TIA and increases in assessed value from appreciation of existing properties (shown in orange in the figure below). A TIA will not increase the taxes that a property owner pays. Taxing districts temporarily forego some taxes raised from the increase in assessed value in the TIA, and the dollars are directed toward public infrastructure improvements in the TIA. This allocation of some property tax revenues from the increased assessed value in the TIA each year will occur until the increment area expires, no more than 25 years after receiving its first increment. Once the TIA has expired, the overlapping taxing districts will receive the full amount of property taxes from the increased assessed value in the increment area. This concept is shown in the chart below. � � $35 $]O M. 3. Does alF|Aincrease our property taxes? NO. Property taxes will not increase because Of8T|A.The source Ofthe revenue iSfrom the taxing districts (listed 8bove\,not the property taxpayers. The diverted property tax revenues can then be used only on specific projects within a TIA. For this TIA, the property taxes collected on the new development in the Federal Way T|Aboundary will b8allocated k]the City. The use 0fthese revenues iSlimited tOhelp fund the construction 0fthe needed infrastructure inthe T|/\.and these projects vvi||b9 identified 8Spart Ofthis adoption process. 4. What are the Goals & Objectives of the TIA? Goal: Transform a suburban, auto -centric and non -remarkable area of Federal Way into @distinct, vibrant and walkable downtown. Objectives: ~ Utilize creative funding tools to help achieve the Goal. • Leverage the regional investment iDhigh-capacity transit; the sale Ofcity- owned prOp8My;8Od,|OC8|iOVHSt0SDttO8ttr@CthiQh-qU8|itv,p[iV8t8 development that will catalyze redevelopment. • Prioritize walkability and enhanced non -motorized connections. Construct pedestrian -oriented infrastructure improvements that that improve mobility. • Invest incommunity gathering areas and p|onem8kingtodefine the area and create 8destination for the community. 5. Why iSFederal Way considering use Of8U/\? A TIA adds an additional funding source to complete needed infrastructure projects. These projects will provide the infrastructure needed to enable new development that will provide services and jobs for our community. 6. What are the projects being considered for this TIA? The projects listed in the Ordinance to create the TIA will be determined by the City Council. Those conversations are currently on going. The projects are intended to help stimulate private development in the TIA. 7. Who manages the revenues from the TIA? The governing body (the City of Federal Way) adopting the TIA manages the revenues. The City will form a separate fund dedicated to the tax allocation revenues the increment area generates. The City is only allowed to spend the tax allocation revenues on specific projects within the increment area that were identified during the adoption process. 8. Does this take dollars away from the local schools? No, a TIA will not negatively impact schools, as both the state and local school levies are exempt by law from being included in this new financing tool. The property taxes from state and local school levies generated from increased assessed value from new development in the TIA will not go to the TIA, but will immediately be allocated to the state school fund and local school district, respectively. 9. What are the overall benefits of this TIA? The TIA is expected to generate substantial positive economic impacts for the regional economy, because the funded improvements will enable new development. As part of the preparation of the TIA's project analysis report, a full economic analysis will be conducted. The benefits are expected to include creation of a vibrant city center for Federal Way that includes new housing opportunities, job and income creation, added recreational spaces and community amenities like public art. 10. What is the schedule for the TIA and how can I get more information on the proposed increment area and adoption process? The City of Federal Way is currently evaluating the feasibility of a TIA. It is anticipated that the City will be prepared to decide on whether or not to proceed with establishing the TIA at some point in 2023. The City will be participating in outreach throughout the spring and summer to educate the community about and seek input on the TIA. The City will also be holding two official public briefings in the spring/summer of 2023 as part of the adoption process. For more information or to submit a question, please contact Chaney Skadsen at chaney.skadsen@cityoffederalway.com