WENATCHEE — The city’s newly developing waterfront is starting to pay off.
The city of Wenatchee received its first check this week from a special sales tax rebate for new development along the waterfront.
The nearly $46,700 check is the first payment of what city leaders hope will amount to $6 million to $8 million over the next 25 years. The rebate money for months to come has already been allocated by the city to other organizations. The first $400,000 will go to the Pybus Public Market Charitable Fund to help pay for a new plaza. The next $1.65 million is earmarked for the Chelan County Port District to offset costs for development of Pybus Public Market.
The special financing district was created in 2009 — with state approval — to encourage new construction in undeveloped areas of the waterfront between Walla Walla Point Park and Thurston Street. The tax rebate kicks in once the state sees an increase of $500,000 in sales tax revenues and property values in the district. The city will get a rebate check 10 months of every year for 25 years.
“We’re thrilled that it’s finally happened,” Mayor Frank Kuntz said.
“Forty-six (thousand) times 10 (months) times 25 (years) is a lot of money,” he added.