Then mark June 10 on your calendar. You’ll have three minutes.

That evening the Tacoma City Council hosts a public hearing at City Hall during its regular meeting. On the surface, the subject looks blatantly bureaucratic and boring: an application to the State Department of Community, Trade and Economic Development (CTED) to create a Local Infrastructure Financing Tool (LIFT) Revenue Development Area (RDA) in downtown Tacoma.

Zzzzz …

Hey, wake up! Because below the surface, that acronym-laced sentence means much, much more.

Tacoma has promised – whether Russell stays or goes – to create an international financial services district. That requires a downtown makeover.

Not only will Tacoma eliminate its business tax on international financial services companies by 2013, it will amass an estimated $140 million in federal, state and local government money to add parking, prettify the streetscape, upgrade utilities and expand transportation.

City Manager Eric Anderson promised more parking near Tacoma Dome Station and 500 underground stalls in a new Russell headquarters building. He wants to make the streetscape’s feel and sidewalks resemble downtown Chicago. He wants to upgrade the storm drains into a sustainable, green zone where captured water gets reused and filtered through elaborate landscaping.

The improvements should make downtown more inviting and navigable for more potential office users than just international financial services companies.

The first seed money – $25 million – could come from a 2-year-old state program created by the Legislature. The LIFT program works like this: a city draws a boundary around an area it wants to improve. That’s the Revenue Development Area. The city can get $1 million a year for 25 years to improve that area.

Where does the money come from? The growth in state sales and property taxes within the area.

It’s as close to free money as you can get. Because it works on the theory that the $25 million public investment generates far more private investment and tax revenue growth than the area would see without it.

Consequently, plenty of cities want some of that free cash. Twenty jurisdictions have notified the state they will submit applications by the June 30 deadline. The state has just $2.5 million to divvy up by Sept. 18. That means maybe three cities will get rewarded. Last year, Federal Way, Bothell and Everett won the competition.

Tacoma has no guarantee its application will get funded by the Community Economic Revitalization Board, the 20-member panel who will judge the applications.

But Bob Levin, manager of Tacoma’s private capital division, said this week: “We think the stars are aligned for us to do exceptionally well.”

You would think so. Consider that:

 • Gov. Chris Gregoire already committed $700,000 from a discretionary pool she oversees to Tacoma’s effort to keep Russell.

 • The governor appointed 12 members to CERB and four of her department directors also serve as ex-officio members. Rep. Troy Kelley, whose 28th district represents part of Tacoma, Fircrest, University Place, Lakewood, Steilacoom and DuPont, also serves on CERB.

 • A key co-author of the LIFT legislation, Sen. Derek Kilmer, D-Gig Harbor, works for the Economic Development Board of Tacoma-Pierce County as a business retention manager.

 • Juli Wilkerson, who directs the department that oversees the LIFT program and who sits on the CERB board, formerly ran Tacoma’s economic development department.

 • Earlier this year, after doling out other state grants, Wilkerson issued a statement saying, “Our role is to be responsive to local needs by making timely and smart investment decisions.”

What could prove more timely and valuable than providing the seed money critical to keeping Russell Investments in Tacoma?

So your presence and commentary June 10 will carry a doubly powerful message.

It will add public support to Tacoma’s application as the state deliberates on Tacoma’s $25 million ask.

And it will show Russell Investments’ leadership team that average folks in Tacoma, like you and me, want the company to stay.

Dan Voelpel: 253-597-8785

dan.voelpel@thenewstribune.com