Congratulations to The Banks on Bradley Apartments on their ribbon cutting ceremony on Friday, December 6. The Banks on Bradley is located at 355 Bradley St. in Richland.

The Banks on Bradley is a brand-new community and an invitation to experience an active lifestyle full of opportunities for excitement and entertainment. With distinct floor plans, including tasteful and spacious studio, one, and two-bedroom apartments, they cater to a variety of aesthetics and needs. Learn more at ​www.thebanksonbradley.com.

Congratulations to Salud Bar & Kitchen on their ribbon cutting ceremony on Thursday, December 5! The new eatery is located inside the Riverfront Hotel at 50 Comstock St. in Richland.

Salud co-owner Carmel Perez is a longstanding Chamber Ambassador and fierce advocate for the Regional Chamber. We were thrilled to see so many people support him and his business partner, Jesus, in this new endeavor. 

On December 3, 2024, the U.S. The District Court for the Eastern District of Texas issued a nationwide preliminary injunction that halted enforcement of the Corporate Transparency Act (CTA). This act, which was passed in 2021, mandates that certain U.S. companies disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The primary goal of CTA is to prevent financial crimes, such as money laundering and tax evasion, by increasing transparency in corporate ownership.

The court found the CTA "likely unconstitutional," citing concerns about federal overreach into areas traditionally governed by state law, particularly those related to corporate formation and governance. As a result, the injunction suspends the CTA's reporting requirements across the nation, effectively postponing the January 1, 2025, deadline for companies to provide beneficial ownership information.

This ruling aligns with a similar decision made by a federal court in Alabama earlier this year. The U.S. The Department of Justice has chosen not to comment on Texas’s ruling, and the case is expected to advance through higher courts, potentially reaching the Supreme Court.

Impact on Businesses

This situation creates uncertainty for businesses preparing to comply with the CTA's reporting requirements. While the injunction is in place, companies are not required to submit beneficial ownership information to the FinCEN. However, businesses should remain informed about potential appeals and future legal actions, as the legal environment related to CTA may continue to evolve.

What the Corporate Transparency Act Requires

The Corporate Transparency Act requires certain U.S. companies to report beneficial ownership information to FinCEN. Beneficial owners are individuals who own or control at least 25% of the company, or exercise significant control over it. The information that must be reported includes the following.
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• Full legal name
• Date of birth
• Current residential or business address
• A unique identifying number from an acceptable identification document (such as a passport or driver's license)
The purpose of these requirements is to create a centralized database that law enforcement and regulatory agencies can use to detect and prevent illegal activities facilitated by anonymous corporate structures.

The recent court ruling on the Corporate Transparency Act has significant implications for business. While the injunction provides temporary relief from CTA's reporting requirements, it also introduces uncertainty. Businesses should remain vigilant and remain updated on any legal developments related to CTA to ensure compliance with future regulations. Understanding CTA and its potential impact is crucial for businesses to effectively navigate an evolving regulatory landscape.

Congratulations to Riverwalk Estates Gracious Retirement Living on their ribbon cutting and open house on Wednesday, December 4. 

​Riverwalk Estates is a senior living community in Kennewick designed with resident needs in mind. It’s a place to enjoy home-cooked meals, game night, or a quiet evening with family and friends. At Riverwalk Estates, their management teams live on-site and are available to their residents throughout the day and when their residents need them. Learn more about their community at their website: https://seniorlivinginstyle.com/riverwalk-estates/

We're proud to announce that Visit Tri-Cities was selected as the recipient of the Regional Chamber's Outstanding Member of the Month award in November.

The Chamber enjoys a strong partnership with Visit Tri-Cities. The organization plays a crucial role in many regionwide initiatives, including the Tri-Cities Strategic Alliance, the Tri-Cities Legislative Council, and countless others.

In September, Visit Tri-Cities brought our region its first Ironman 70.3 triathlon. The event brought millions into our local economy and showcased the Tri-Cities as a wonderful place to live, work, and play.

Transportation Benefit Districts (TBDs) are an important mechanism for local governments in Washington State to fund and maintain transportation-related projects. These districts provide cities and counties with a way to address infrastructure needs without relying solely on state and federal funding.

A Transportation Benefit District (TBD) is a quasi-municipal corporation authorized by Washington State law, specifically under RCW 36.73. Local governments can establish TBDs to generate revenue dedicated to funding transportation improvements. These improvements include a wide range of projects aimed at maintaining and enhancing local transportation infrastructure.

A TBD can encompass a whole city, a portion of a city, or even multiple jurisdictions if neighboring municipalities choose to collaborate. This flexibility allows local governments to create a funding mechanism tailored to their specific needs and challenges, from urban centers to rural areas.

Once a TBD is established, the local government can use several tools to generate revenue specifically for transportation projects. Common revenue-generating mechanisms include:

• Vehicle Licensing Fees: A TBD can impose an annual fee on vehicle registrations within the district.
• Sales and Use Taxes: TBDs can levy an additional sales tax of up to 0.2% for transportation purposes, but this requires voter approval.
• Property Taxes: TBDs can propose property tax levies, usually in the form of special property tax assessments, but this also requires voter approval.
• Other local Funding Mechanisms: In addition to the above, TBDs can issue bonds, apply for grants, or even create tolls in specific circumstances.

Funds collected through TBDs are restricted to transportation-related projects. These projects can vary widely but must fall within the scope of transportation improvements as defined by Washington State law. Some common uses of TBD funds include:

• Road and Street Maintenance: Local governments can use TBD funds to maintain and repair existing roads, including filling potholes, repaving streets, and improving road safety.
• Public Transit Support: TBD revenue can go towards improving public transportation, including funding for buses, park-and-ride facilities, and transit stops.
• Sidewalks and Pedestrian Safety: TBDs can fund projects that enhance walkability, such as building sidewalks, installing pedestrian crossings, and ensuring ADA (Americans with Disabilities Act) compliance.
• Traffic Flow Improvements: TBDs can be used to manage congestion by funding projects that improve traffic flow, such as the addition of turn lanes, traffic signal optimization, and the creation of roundabouts.
• Bicycle Infrastructure: Funds can support the development of bike lanes, trails, and other bike-friendly infrastructure.

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Transportation Benefit Districts are critical to local governments in Washington State for several reasons. They allow cities and counties greater autonomy in identifying transportation needs. They also create a dedicated and flexible funding stream for funding transportation improvements, helping to bridge the gap between other sources of funding. Well-maintained transportation infrastructure is essential for economic development and because TBD funds are restricted to transportation projects, they increase accountability in local government spending.

Transportation Benefit Districts are a vital funding mechanism for Washington's cities and counties, providing them with the flexibility and resources to address diverse transportation challenges. With dedicated funds for transportation projects, TBDs ensure that local governments can keep roads, bridges, and transit systems safe, efficient, and up to date.

In a state where population growth and economic development are putting pressure on infrastructure, TBDs are an essential part of the solution. They empower communities to plan and fund transportation improvements that directly impact residents' daily lives, making TBDs a cornerstone of local government finance and planning in Washington State.

Currently the City of Richland has a Transportation Benefit District. The City of Kennewick just approved one. The City of Pasco is considering one to help tackle it's protentional budget shortfall. West Richland does not currently have a TBD. 

The U.S. Chamber of Commerce has awarded the Tri-City Regional Chamber of Commerce (TCRCC) with its designation of Accredited with 5 Stars for its sound policies, effective organizational procedures, and positive impact on the community.

“Chambers of commerce that achieve an accreditation designation are truly leaders in their industry,” said Raymond P. Towle, U.S. Chamber Vice President, Federation Relations and IOM.  “This rigorous review includes all aspects of a chamber’s policies, operations, and programming. When chambers of commerce earn the distinction of becoming accredited, it is a mark of excellence for the organization, its staff, and its leadership. Accredited chambers are recognized for their ability to serve as a resource to their region’s businesses while maintaining transparent governance practices, sound financial controls, safe work environments, effective communications, and value in programming. They are commended for their continued advocacy of free enterprise, and for their commitment to serving members and their local businesses.”

The purpose of the U.S. Chamber's Accreditation Program is to facilitate continuing excellence in the chamber industry and to foster a pro-business environment across America. In order to receive accreditation, a chamber must meet minimum standards in their operations and programs, including areas of governance, government affairs, communications, and technology. This extensive self-review can take 6-9 months to complete.

“Achieving the prestigious 5-Star Accreditation from the U.S. Chamber of Commerce is a tremendous honor for our organization and a testament to the unwavering commitment of the Chamber staff and Board of Directors,” said Lori Mattson, TCRCC President & CEO. “This recognition underscores our dedication to fostering a thriving business environment, supporting our community, and upholding the highest standards of excellence in everything we do. We look forward to continuing our mission to drive economic growth and advocate for the success of our local businesses with the same passion and integrity that earned us this distinction.”

Local chambers are rated Accredited, 3-Stars, 4-Stars, or 5-Stars. State chambers are recognized as either Accredited State Chamber or Accredited State Chamber with Distinction. The final determination is made by the Accrediting Board, a committee of U.S. Chamber board members.

Thank you to everyone who attended the State of the Cities luncheon on November 20. The mayors of Kennewick, Pasco, Richland, and West Richland shared updates from their cities and shed light on the innovative strategies and key initiatives that will shape the Tri-Cities in the years to come.

Congratulations to Perch Cantina on their ribbon cutting ceremony on Wednesday, November 20. The new restaurant is located at 592 Columbia Point Drive in Richland. Learn more about Perch and view their menu: ​https://perchcantina.com/.

Congratulations to the City of Pasco on the ribbon cutting celebration for their new Zone 3 Water Storage Reservoir! This $17 million infrastructure project is designed to ensure a reliable drinking water supply for residents and support the city's growing population. The new reservoir is located at 6701 Road 90.