Beginning Feb. 23, applications are available at the Tacoma Economic Development Department, Municipal Building, 747 Market St., room 900, from 8 a.m. to 5 p.m. Applications can also be requested from [email protected] or (253) 591-5208. Applications are due by 5 p.m. April 12. The State of Washington will announce Tacoma's winning projects by early July 2004.

In 2003, five commercial building projects were awarded a piece of that year's $12-million allocation based on a recommendation by the City of Tacoma and the Tacoma Community Redevelopment Authority and accepted by the Washington State Department of Community, Trade and Economic Development, which oversees distribution of the federal tax credit incentives.

The accepted 2003 projects and their allocations were as follows:

--The Albers Mill building project by Albers Mill LLC received a $3.9-million CRD allocation. The project is an historical renovation project on waterfront;

--The Courtyard Marriott Hotel project by Hollander Investments and Tacoma Hospitality LLC received a $3.2-million CRD allocation, related to the renovation and expansion of the Waddell Building into a 160-room hotel located next to the city's convention center project;

--The Rainier Pacific Bank Building project by Rainier Pacific Bank received a $3.1-million CRD allocation for the redevelopment of a property into its headquarters, which will include a retail banking location;

--The Ted Brown Music Building project by Broadway Center Investors LLC received a $1.3-million CRD allocation ($2 million in 2002). The Downtown project is taking two properties and combining them into one commercial property that will house the Tacoma School of Arts;

--The Fraternity Hall project by Roberson Building Co. received $500,000 for the restoration and retail conversion of an old warehouse on Tacoma Avenue across from the city's main library.

In addition to the CRD allocation available to property owners and developers, Tacoma businesses can also take advantage of the RC designation through other tax credits and deductions, including the RC Wage Credit, Increased Section 179 Deduction and Zero Percent Capital Gains. Unlike the CRD, these business tax incentives do not require an application. Instead, businesses can file the proper forms directly with the Internal Revenue Service.