Port Passes Tax Increment Financing Area

Thursday, June 1, 2023 at 11:43 AM

The tax will be on the area planned out for the upcoming expansion project.

The port of Grays Harbor Commission has passed the country’s first ever Tax Increment Financing area. The tax will be on the area planned out for the upcoming expansion project. It’s estimated there will be over $123 million in private development projects built. The Daily World reports that starting in 2024, and for a period of 25 years, all future property taxes within a 15-acre piece of port land will go directly back to the port for investment in its share of the Terminal 4 Expansion and Redevelopment Project. The TIF area is expected to generate $16 million in taxes over its lifespan.

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Port Passes Tax Increment Financing Area

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