This article appeared in the Business Examiner:
“The City of Puyallup has received a state Local Revitalization Financing grant which will funnel up to $6.25 million of state revenue over 25 years to help pay for a development project off River Road.
The LRF is a program designed to catalyze new development or redevelopment on sites or areas that are under-utilized or vacant and need infrastructure improvements to become economically viable.
Developers and local governments must put up the initial money to improve infrastructure and the state funds come into play as the project generates revenue and creates jobs. Puyallup was one of five communities across the state whose projects met the grant’s stringent criteria.
The project is expected to create 560 temporary construction jobs and 642 permanent jobs during the next 25 years. The city expects to earn $39.6 million in local tax revenue and the state expects to earn $62.5 million in new revenue as a result of the grant.
Development will center around a 60-acre area on the east end of River Road. Public improvements include new streetscapes; sidewalk improvements along River Road, 4th St. NW and Meridian; trail connections; a new city park; and enhanced traffic ingress and egress.
Private development could include 259,000 square feet of commercial space available for offices, restaurants and retail, and 160 new residential units. The project is expected to be developed in phases during the next five to 10 years.”
This is great news for River Road. Improvements to that area of Puyallup is exactly what this city needs. This is exciting news!