The Washington City Council approved a development agreement between the City of Washington and Greg and Lori Wiley for the construction of a Dollar Tree to be built in the lot adjacent to Pizza Ranch in Washington.
The project has been in the works for months as the draft development agreement has been worked into a final draft. The site plan will be submitted to the city by April 1 with a building permit expected to be issued by April 19.
“When that gets built that will create tax increment to essentially pay back the cost of water and sewer infrastructure,” said Washington City Administrator Brent Hinson. “It also covers our assessments that we were planning to do on the East Washington sidewalks.”
Tax increment financing, or TIF, can be used to pay for public improvement projects by using the increased property tax revenue the project generates. In this case, the utilities and assessments for the South 15th Avenue sidewalk project will be paid for with TIF dollars.
“We’ve just kind of created something that’s sort of a good deal for everybody by having that development,” he said.