Bothell to receive $25M in revitalization funding

The state told the city of Bothell on Thursday that it has approved the city's application for some $25 million in funding for a downtown-revitalization project.

The approval came from the Washington State Community Economic Revitalization Board.

The board announced it will invest the money authorized through a Local Infrastructure Financing Tool (LIFT) grant program.

As early as 2010, the city will be able to issue bonds backed through the LIFT money, with an anticipated net return of $15 million through matching local funds.

The approval "clearly demonstrates" the state recognizes the value of such investments, said City Manager Bob Stowe.

The money will be used for work on a Highway 522 realignment and Main Street enhancements, collectively known as the Bothell Crossroads.

The $42 million in projects are expected to radically change a 200-acre section of downtown Bothell, turning it into a pedestrian-oriented area with shops, offices and living spaces all in a single neighborhood. Bothell submitted its application for the funds in June.

"The decision recognizes the positive impacts these plans will have in providing economic and community opportunities to citizens in the region," Stowe added. "LIFT funds match local funds dollar for dollar, reducing the financial burden upon cities and, in many cases, permit public projects that would not otherwise be possible."

Peyton Whitely: 206-464-2259

or pwhitely@seattletimes.com