Last month Tacoma City Council unanimously approved amendments to the Point Ruston local improvement district (LID) for improvements to Ruston Way that will provide greater safety and access to the waterfront and community. In addition to beginning the process of closing down the cramped and contaminated tunnel connecting Ruston with Tacoma, the LID will also create two beautiful roundabouts that will reduce congestion and provide greater access to the waterfront. All of the “vintage” utilities in the area are also being modernized to current standards as part of the project.
“The realignment of Ruston Way will greatly improve traffic flow and safety while reducing gridlock in the area,” said Mike Cohen, principle of Point Ruston. “We are delighted to partner with the city of Tacoma and town of Ruston on this significant transportation improvement for our community.”
The LID is a financing mechanism. Point Ruston as the developer pays all the costs of the project, including city formation and guaranty costs of almost $3 million. The LID agreement provides access to municipal bonds to provide financing for the project.
“This represents a creative solution that will move this exciting project forward and will lead to greater public access to the water’s edge,” Tacoma Mayor Bill Baarsma said. Baarsma has close ties to the history of the ASARCO site because his father worked there for many years. The future mayor worked there himself in summers as a college student.
The council voted to amend the LID agreement to increase the LID financing from $11 million up to $15.5 million to account for final design requirements that increased the scope of work and thus increased costs.
In addition to greatly improving traffic flow and safety on Ruston Way, the Point Ruston LID will also create jobs and provide an economic boost to the local economy.
“With an anticipated construction payroll of $5 million over the next 12 months, the Point Ruston LID will boost the incomes of many working families during these challenging economic times,” Cohen said. In addition to construction payroll, the project will also stimulate the local economy through the purchase of nearly $7 million worth of materials and supplies.
“The Point Ruston project will create many new skilled jobs for our community during a time when good jobs are hard to come by,” said Mark Martinez, executive secretary of Pierce County Building and Trades Council, AFL-CIO. “The building trades worked closely with Point Ruston to ensure that this important project continues to move forward.”
“At a time when many other developments are being shelved, we are excited to continue Point Ruston’s forward momentum,” Cohen said. “This is Point Ruston’s nickel at work.”
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