No LIFT for Tacoma
Do you remember that CTED Local Infrastructure Financial Tool (LIFT) application our fair city submitted a ways back? Well, the Biz Buzz is reporting that the state has turned down all three Pierce County applicants this year.
During the deliberations, a majority of board members decided to spurn projects that appear as if they will get done without a state contribution, Kelly said. The nod went to projects that required the state contribution to proceed.
The result – one less funding mechanism for improvements in downtown Tacoma.
We’ll subtract that $11,200,000 line item from the Russell Proposal now …
Link to The News Tribune
Filed under: General
6 comments
C crenshaw sepulveda September 18, 2008
Why can’t Russell be bailed out like the other financial institutions? Looks like the federal government is tossing around a lot of billions lately.
E Erik S September 18, 2008
The “problem” there is that Russell isn’t on the verge of bankruptcy, at least as far as I know. The federal government is unlikely to intervene to “save” Russell from moving to Seattle/San Francisco/etc. Maybe we should be hoping they hit harder times?
A altered chords September 19, 2008
I do not believe they are either large borrowers or lenders. They are largely “advisers” Sort of like Sassy McButterpants of the retirement fund industry. In that capacity, I imagine, they are extremely busy lately.
If the current liquidity crisis is not averted, it will become very difficult for anyone to borrow the $$ needed to construct a highrise for anyone in Tacoma, Federal Way, Seattle, Timbuktu. We will become like gnats frozen in amber for a little while.
S Squid September 19, 2008
AC@3, you just nailed Russell’s new tagline “The Sassy McButterpants of the Retirement Fund Industry.” I can see it in airport ads the world over.
D Douglas Tooley September 22, 2008
Stewardship of real estate assets is going to be a topic in the weeks ahead.
This application should be a good way to jump start those discussions.
Talking about specific projects such as this with all the info can be risky, but I do gather that all of the issues weren’t worked out here. But again, I’m very definitely looking at ths from the periphery.
On the one hand, corporate welfare is what got us into this mess. On the other, it is also our only hope, now that the government has taken over the economy.
A altered chords September 22, 2008
@ Douglas Tooley.
By “this mess” if you mean the meltdown of the financial markets, then I do not agree that it was “corporate welfare” that got us into the mess.
Corporate welfare is bad. That is not my point.
My point is this: It was the mortgages made to underqualified buyers and the unrealistic optimism of continued rising real estate prices that got us into “this mess”.
You’ll note that nothing melted down until housing prices declined.