Chapter 3.106
ECONOMIC DEVELOPMENT INFRASTRUCTURE FUND

Sections:

3.106.010    Fund established.

3.106.020    Custodian designated.

3.106.030    Source of monies.

3.106.040    Approval considerations and criteria for appropriation of monies.

3.106.050    Interest and earnings.

3.106.060    Monies accumulation.

3.106.010 Fund established.

There is hereby created and established as of January 1, 2015, a fund known as the economic development infrastructure fund (EDIF) in accordance with Resolution No. 2012-06, as may be amended. (Ord. 3110 § 1, 2015)

3.106.020 Custodian designated.

The office of economic development is authorized to administer the operations of the economic development infrastructure fund pursuant to Resolution No. 2012-06. (Ord. 3110 § 1, 2015)

3.106.030 Source of monies.

A. Revenues as may be authorized by the city council to accomplish the purposes of Resolution No. 2012-06, as may be amended, shall be deposited into the fund (EDIF).

B. Construction Sales and Use Tax. Sales and use tax revenues are collected based upon the costs incurred from construction activity. The city receives sales and use tax revenues from Washington State for the construction of buildings (account 236); heavy and civil construction (account 237); and specialty trade contractors (account 238) within the city. In addition to revenues authorized for deposit into the EDIF under subsection (A) of this section, the city construction sales and use tax revenues from these accounts in excess of $1,000,000 annually shall be allocated and transferred to the EDIF; provided, that for the calendar year 2020 only, these construction sales and tax revenues shall not be transferred to the EDIF. (Ord. 3382 § 2, 2020; Ord. 3110 § 1, 2015)

3.106.040 Approval considerations and criteria for appropriation of monies.

In determining whether or not an EDIF expenditure should be approved, the city shall consider the criteria established pursuant to Resolution No. 2012-06. Monies in the fund shall be used for the purposes identified in Resolution No. 2012-06, pursuant to the contracting authority of the city of Lynnwood. (Ord. 3110 § 1, 2015)

3.106.050 Interest and earnings.

The interest and earnings from the cumulative funds shall be paid into the fund. (Ord. 3110 § 1, 2015)

3.106.060 Monies accumulation.

The monies in said fund may be allowed to accumulate biennium to biennium until the city council shall determine to expend the monies in said fund for the purposes herein specified. (Ord. 3110 § 1, 2015)