Kennewick city leaders approve million dollar bond
KENNEWICK, Wash. -- Kennewick city leaders approve a multi-million dollar bond to help jump start the development in the Southridge area. Kennewick city council approved a $13.6 million dollar bond for improvements in the area.
Those improvements include a Southridge Athletic Complex, streets to build around the hospital and two lanes at Hildebrand Road. The city plans to pay for it by using the Local Revitalization Financing program. Kennewick is one of five cities in the state awarded this money. City Manager, Bob Hammond says with out the program it would have been hard to make these improvements happen.
"What we will be able to do with this is to accelerate development. Then the development pays the taxes the taxes goes into the state. The state monies come back to us and we pay for the developments through there," said Hammond.
The city also has local agreements with the Port of Kennewick, Benton county and the Kennewick Public Hospital District to help pay back the bonds.
Hammond hopes to complete the improvements in the next two years.