Pasco’s Broadmoor Area To Receive Funding For Growth
The Pasco City Council approved the formation of a Tax Increment Financing package to fund nearly $40 million in road improvements for the Broadmoor area.
The Tax Increment Financing program, recently authorized by the State Legislature, allows municipalities to use the increased property tax from development for infrastructure projects. The Broadmoor area, slated for significant retail and housing developments, makes for an excellent candidate for TIF. The increased property taxes through the TIF will pay for the bonds that fund these improvements and not burden current residents or businesses.
The map shows the improvements slated to be funded by TIF, including interior roads for the area, expansion of Sandifur Parkway and Road 100, and significant improvements to the I-182/Road 100 interchange.
The City expects improvements to begin with construction in 2023.
*Information from City of Pasco press release