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City designates Sunset Area as 'Economic Target Area'
The City Council this week declared the 269-acre Sunset development area an “Economic Target Zone,” making it eligible for additional funding.
Located along Sunset Avenue in the Renton Highlands, the Sunset Area has been a high priority for the city and council since the late 1990s. Presently, the city is working with the Renton Housing Authority, the Renton School District, the King County Library System and other partners to redevelop the area, including new housing and parks, as well as the new Highlands Library, set to be the cornerstone of the project.
The designation as an Economic Target Area will allow the city to pursue New Markets Tax Credit financing for projects in the area. The tax credit allows private investors to invest in community-enhancing projects in exchange for tax credits.
The idea is to leverage public investment to attract additional private investors to stimulate new commercial and residential projects in the neighborhood.
“This is just another one of the steps to explore new resources for future development,” said Mark Santos-Johnson, Renton’s Community Development Projects Manager.
Demolition is presently under way of the Sunset Terrace development and construction is set to begin later this year on the new library.