Economic Incentives

Build Snohomish
This plan consists of four financial incentives for long-term private capital investment:
  1. Multi-Unit Housing Development Tax Credit
    • Facilitating state-authorized property tax credits for creation of new housing within a mixed-use center such as the Pilchuck District
  2. Hotel / Motel Tax Waiver
    • Following creation of a new hotel within the city limits, reduction or elimination of the current hotel / motel tax for a specified period
  3. Qualified Small Issue Bond Sponsorship
    • Assisting manufacturing businesses (such as wineries, craft distilleries, and micro breweries) in obtaining financing via the Washington Economic Development Finance Authority’s private bond funding program
  4. Single-Source LTGO Bonds For Infrastructure Improvements
    • Financing improvements needed for private development using sales tax revenue generated solely from those developments
Additional details
View Resolution 1272 for further details on these incentives.