Bellevue eyes tax district for $200 million Grand Connection project

The Bellevue City Council will vote next week to potentially establish boundaries for a tax increment financing district intended to help fund a long-planned 1.5-mile corridor that will provide a bridge across Interstate 405 for pedestrians and cyclists.

Bellevue plans to use tax increment financing, or TIF, to designate a portion of new property tax revenue created by future redevelopment within the chosen area to go toward construction of the Grand Connection Crossing.

City staff said the TIF district will not create a new tax and will instead allow Bellevue to direct future increases in assessed value to fund the project. The TIF will over 25 years generate around $68 million, the city said, and that will cover between 15% to 20% of the crossing’s construction.

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The 1.5-mile corridor will begin at Meydenbauer Bay Park and stretch from downtown Bellevue, across I-405 to Wilburton.

https://www.bizjournals.com/seattle/news/2026/05/13/bellevue-grand-connection-crossing-tif-financing.html