In 2011, the Local Infrastructure Project Area (LIPA) Financing program was created by Engrossed Substitute Senate Bill 5253 (ESSB 5253) to enable local governments to finance infrastructure investments and incentivize development rights in the Central Puget Sound. The LIPA Financing program authorizes cities to create a LIPA and allows certain increases in local property tax revenues generated from within the LIPA to be used for payment of bonds issued for financing local public improvements within the LIPA. The tax increment financing (TIF) portion of this program is similar to the property tax component of LIFT and LRF with a few differences.
For more information
- See Chapter 318, Laws of 2011 (Engrossed Substitute Senate Bill 5253)
- See brochure on Tax Increment Financing Type Programs in WA
- LIPA Q&A