FOR IMMEDIATE RELEASE
April 11, 2006
Contact: Mark Asmundson
City of Bellingham (360) 676-6979
Carolyn Casey
Port of Bellingham (360) 676-2500
CITY & PORT ANNOUNCE ECONOMIC REVIEW OF WATERFRONT PLANS
Results of Comprehensive Economic Analysis Will Be Completed in Fall
[Bellingham, Wash.] Waterfront redevelopment planning during the next few months will focus on researching the economics of the plans being considered, port and city officials announced today.
“During the past four months, hundreds of people have joined us in generating redevelopment ideas and in commenting on the plans created by our consultants,” said Port Commission President Jim Jorgensen. “We believe we now need to take the time to truly understand the economic realities of this project.”
Today Jorgensen and Mayor Mark Asmundson sent a letter to members of the Waterfront Advisory Group notifying them that during the next few months, the port and city staff would be analyzing the anticipated costs and revenues from the waterfront redevelopment project. In addition, the two governments will be researching the long-term impacts the waterfront project will have on local employment and the economy.
"We need to evaluate the likely economic impact from implementing various proposals suggested by the community and our consultants", said Mayor Mark Asmundson. "This information is essential in determining how the property should develop over the next several decades."
In their memo to WAG, Jorgensen and Asmundson asked the citizen-group to meet in June to complete their comments on the design components of the plans that have been brought forward. This fall, when the financial analysis is complete, WAG, the Port Commission and the City Council will be asked to review the results. In the meantime, because WAG was created to provide citizen-input on all waterfront planning, the group will be updated on the status of the Millennium Trail and the port’s Fairhaven Master Plan.
In 2004, the city and port formed a strategic partnership to redevelop the waterfront. The terms of the partnership are specified in a formal agreement approved by the City Council and Port Commission. That agreement specifies that port and the city will jointly create and fund a redevelopment plan for the site. The city is responsible for constructing and maintaining all of the open space and parks, as well as infrastructure ranging from streets to public parking. The Port, in addition to obtaining title to the property, is responsible for completing the environmental cleanup of the site, as well as constructing any marine infrastructure such as visitor moorage and the marina.
The city will pay for its development costs through the increased tax revenues from the redeveloped site. The port will pay for its costs through the lease or sale of property in the development area. Together, both governments are pursuing state and federal grants to offset the costs.
The port and city will work together during this analysis with each government studying its own financial models of costs and revenues.
Information will continue to be updated at the joint project website www.newwhatcom.org.
