What makes a Spokane development deal work?
Tampien says a sales-tax waiver saved one project $1.5 million and that an MFTE income-limit change qualified it for 12 years without property tax.
“Learned the importance of like lobbying. So we created a program. … And they gave us a sales tax waiver. … it saved us 1.5 million. … And then we had them increase the income limits for our MFTE. … no property tax for basically 12 years.”
Clip transcript
Automatic captions, formatted for reading.
through that. And so the cool part is now the debt's great. Um in the meantime learned the importance of like lobbying. So we created a program. So I don't know how we did this. Take any unimproved site in Spokane. They called it a parking lot rule, but it really applied to anywhere you could park a car, which is land, right? And they gave us a sales tax waiver. Uh so on this last project we just built, it saved us 1.5 million. Wow. Wow. And then we had them increase the income limits for our MFTE. So then we'd saved no property tax for basically 12 years. So we're building this product now. It's about 12 grand a door less with 10% less opex. Wow. Wow. Like this is what we need to be doing. And so kind of it's allowed us to tweak our model there. There's still like a bunch of hair. Like I had a front page