Varying opinions regarding a New Markets Tax Credit program have led the Washougal City Council to defer additional discussions and a possible vote by two weeks.
Councilors voted unanimously last night to table a decision regarding a professional services agreement with the Camas-Washougal Economic Development Association, the City of Camas and the Port of Camas-Washougal. It would include an expenditure of $21,875 from Washougal.
The first phase would be a feasibility analysis, followed by the formation of a Community Development Entity and application for tax credits. CWEDA would serve as the lead agency, coordinating the consultant’s work efforts.
The New Markets Tax Credit program involves an indirect federal subsidy for business and development investment. Tax credits are awarded through annual competitive applications, and awardees sell tax credits to investors.
The U.S. Treasury awards $3.5 billion in credit authority each year.
Councilman Dave Shoemaker said he objects to asking the federal government for money, and he would rather spend funds on street projects.