Small Town News

Developments would more than double district value

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Tax rates would be cut in half

Two developments near Electric City, if built, could more than double the assessed valuation of the entire Grand Coulee Dam School District, according to plans revealed to the city last month.

Two developers, Patrick Welton and John Snider, appeared before the Electric City Council recently to tell of plans for separate developments and to answer questions.

Snider, who represents Banks Lake Residential, LLC, a proposed development near the golf course and south of the causeway, said that he believes his project will begin in the spring of 2011. That project would comprise 600 upscale second-home housing units on about 160 acres of land now under option.

Snider said he believes it would be a 10- to 15-year build-out time after construction begins. He said the average price of a housing unit in the development would be about $400,000.

That project would include the purchase and development of the 18-hole golf course into a class-A course.

Snider said his project would begin with a cluster of about 70 townhouses on the nine-acre site known as Quail Run, a former RV park adjacent to the golf course.

When finished, Banks Lake Residential, LLC, would add $240 million to the local property tax base.

Welton outlined plans for Sun-banks Lake Resort, a 197-acre project. Currently Sunbanks is built on 30 acres and has 200 camping sites, a 6,000-square-foot lodge, 32 marina slips, 20 camper cabins, 15 one-bedroom villas, four two-bedroom villas and seven five-bedroom villas.

Welton told council members that Sunbanks plans to continue its villa development and eventually build a destination resort hotel on the large hill behind the present development, giving hotel guests a panoramic view of Banks Lake and the surrounding area. It would bring the total units to 240. This development addition would include a restaurant complex.

In addition to the villa and hotel/restaurant expansion, Welton noted that Sunbanks will add 100 moorage slips.

When built out, the Sunbanks complex would have an estimated market value of $40 million.

Welton said when the expansion is complete, Sunbanks Resort would have 100 full-time and 250 part-time employees.

In addition, Welton noted, the resort would generate $7.5 million in annual revenue, returning $300,000 a year to the city of Electric City in hotel/motel taxes.

That all depends on whether Sunbanks' plan to annex to the city occurs. Both Banks Lake Residential and Sunbanks are among a handful of property owners that have petitioned for annexation to Electric City. That annexation is expected to go through by the end of the year.

Currently, the Grand Coulee Dam School District has an assessed valuation of $179,326,495. Of that, $98 million lies within Grant County, $15.7 million within Lincoln County, $19.9 million within Douglas County and $45 million within Okanogan County.

Currently $4.30 per $1,000 of valuation is being collected to support the school district's four-year levy. If the proposed developments occur, it would cut school levy tax rates in half and allow the district access to additional revenues.



Copyright 2009 The Star, Grand Coulee, Washington. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from SmallTownPapers, Inc.

© 2009 The Star Grand Coulee, Washington. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from DAS.

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