Lynnwood council considers tax increment financing for city projects

The Lynnwood City Council is actively engaged in discussions regarding tax increment financing (TIF) and the potential annexation of the former Alderwood Middle School property. At its April 7 work session, the council explored how TIF, approved into state law in 2021, could generate around $24 million for city projects by leveraging increased property tax revenues from a designated area. Consultant Bob Stowe emphasized that TIF funds can only finance public improvements and must adhere to state regulations. Meanwhile, the Edmonds School District is seeking to annex the property to expedite the construction of a new middle school, crucial for accommodating sixth graders in the 2028-29 school year. The council is set to vote on this annexation during its April 15 meeting.

These initiatives reflect the city's commitment to enhancing infrastructure and meeting educational needs. With the deadline for TIF ordinance approval approaching in June, timely decisions are essential for Lynnwood's growth and development. The council's actions could significantly shape the city's future in the coming years.