For Immediate Release:
Spokane County Treasurer Issues $2.25 million Local Direct Investment towards Financing of Dishman Hills “MacPhee Property” Conservation Futures Purchase Agreement
Spokane County, WA Spokane County Conservation Futures has received $2.25 million in financing via the Spokane County Treasurer’s Office Local Direct Investment program towards the purchase of 102.7 acres at the Dishman Hills conservation area known as the “MacPhee Property”. The financing will be re-paid over a three-year term through property taxes levied for the Conservation Futures program.
Spokane County Conservation Futures recently identified the “MacPhee Property” as an “unforeseen opportunity” on its acquisition priority list. This designation allows for action to be taken on properties outside of the regular conservation nomination schedule. Located near the Phillips Creek Trailhead, the property will add 102.7 acres to the Dishman Hills Glenrose Unit Conservation Area. A purchase agreement was previously approved by the Spokane County Commissioners which included authorization to seek Treasurer’s Office financing.
The County Treasurer manages the nearly $1.7 billion Spokane Public Investment Fund which invests public funds in a fixed income portfolio. Spokane County and the districts where the Treasurer serves as ex-officio treasurer are eligible for Local Direct Investments which are issued as promissory notes. Local Direct Investments are offered at competitive interest rates, bringing projects to completion at a cost savings to taxpayers.
“Adding the MacPhee Property to the Dishman Hills conservation area will be a win for the public who enjoys exploring this accessible trail network. Conservation Futures has long been a great partner of our Local Direct Investment program. I am pleased that the Treasurer’s Office could play a role in bringing this property into public use.” Said Michael Baumgartner, the Treasurer of Spokane County.
The Spokane County Treasurer’s Office collects, safeguards, and invests public funds on behalf of Spokane County and over eighty regional government entities. Past Local Direct Investments have included towards the TREX project at Spokane International Airport, emergency response equipment financing, and bridge financing to county roads projects at Bigelow Gulch.