Spokane, Wash. --  The developer of River Park Square today announced the project has generated over $21 million in revenue benefiting the State of Washington, Spokane County and the City of Spokane.

Tax and fee revenues generated to date by the downtown revitalization project through second quarter 2001 include $21.6 million paid to the State of Washington, Spokane County, and the City of Spokane.  Of this amount, $6.2 million was paid to the City of Spokane and city-supported agencies (see attached chart) which includes more than $855,000 in sales taxes to help fund city services including Spokane Transit Authority and more than $700,000 from property taxes to support local schools.

“River Park Square continues to deliver a net gain to the city of Spokane and all of its citizens,” said Les Weatherhead, legal counsel for River Park Square.  “It has created a significant economic impact that benefits everyone.”  

Revenues collected by the City of Spokane from sales and property taxes support not only local schools, transportation, and public facilities, but vital human services as well.   

“Tax revenues generated by River Park Square help fund programs that serve the disadvantaged in our community,” said Betsy Wilkerson, social service provider and former president of Women Helping Women Fund.  “This much needed support helps keep doors open and hopes alive.”

River Park Square recently expanded its tax revenue base with the addition of specialty retailer, Miaz Boutique, and a distinctive food collection, the Atrium Cafes on 3 which features in its initial phase, Panda Express, Twigs Bistro and Twigs Bistro Bar.  

Miaz Boutique opened its women and children’s clothing and home fashions store in May and is doing well according to owner Meghan Brown.  

“I am quite pleased with how Miaz is doing at River Park Square,” said Brown.    “We are in a great location and see lots of traffic through the store.”

The Atrium Cafes on 3 opened in April, led by Panda Express, with Twigs Bistro and Twigs Bistro Bar opening in late June.  The Atrium Cafes will ultimately showcase 10 eateries.   

Taxable retail spending in Spokane County, driven in part by River Park Square, is a bright spot in the Spokane area economy, posting a 7.1 percent increase over last year, according to the Spokane Business Barometer 2001 First Quarter.

“I sense that the opening of the downtown retail complex is making a difference and we are getting a multiplying effect,” said Phil Kuharski, local economist, as quoted in the Barometer.

The positive effects from River Park Square extend beyond the taxes and fees collected and jobs created.  Nearly $350 million in new downtown investment projects have been planned or initiated since the redevelopment project opened in August 1999.   

 “Downtown’s are the heart of the region culturally, civically, economically, and morally,” said Mark Turner, president of the Spokane Area Economic Development Council.  “Spokane’s emerging downtown is part of the region’s infrastructure and it helps give us a competitive advantage over other communities.”         

According to Matthew Schaffer, president and CEO of Global tactics, he relocated his business to Spokane because of the revitalization of downtown. 

“In deciding to relocate my business, the redevelopment of downtown was one of the factors for moving here,” said Schaffer.  “It was a huge plus.”

River Park Square and surrounding downtown businesses serve a regional market of more than 1.7 million people.  The new retail center has generated more than $6.1 million in tax and fee revenues for the City of Spokane and services located in the City, has created and retained more than 1100 jobs, and has served as a catalyst for downtown revitalization.  Since River Park Square opened, nearly $350 million in new downtown construction projects have been announced or moved forward.