3b. Presentation Slides
Item No. 3b King County Cities' Economic Date of Meeting June 27, 2017 Development Partnership Program Building effective economic development alliances from the ground up 1 Economic Development Partnership Grants Thirty Cities Worked With the Port to Advance Economic Development 2 2 A New Economic Development Partnership Program A year ago the Port created a new grant program to support partnerships with King County's Cities The "Economic Development Partnership Program" ultimately provided 30 Cities per capita funding to support economic development projects in their communities Results are very favorable and the 2017 program is beginning to unfold Advancing Local and Regional Economic Development 3 Cooperative Program Participating King County cities all received some funding to advance local economic development projects and initiatives Grant funding was provided on a $1 per capita formula: Grants capped at $65,000 Smallest cities receive a minimum of $5,000 Advancing the Port's Economic Development Aspirations 4 Structured to Drive Meaningful Outcomes Provided some flexibility to define local economic development projects Tied to economic development (ideally the Century Agenda although not required) Required a 50 percent local match to ensure cities are also committed to project success Working Together to Build Local Economies 5 Eligible Activities Business recruitment initiatives designed to attract new companies to a region or city; Small business development (including incubator/accelerator projects); Industry retention and expansion assistance (ex. Maritime) Tourism development; Downtown revitalization; Commercial or industrial property development; and Other community or economic development projects that support new investment and job creation. Projects Needed to Tie to Port Business Interests 6 Business Recruitment Redmond, Kirkland and Redmond worked together to created the Innovation Triangle, a branded business recruitment initiative targeting advance technology companies Federal Way developed and implemented print and digital marketing campaign targeted at site selectors, developers and commercial property professionals Promoting and Capturing New Business Development Opportunities 7 Small Business Development Auburn and Kent supported new incubators. The cities also provided associated small business training and assistance Kenmore, Enumclaw and Normandy Park invested in small business training & education Innovation Triangle cities provided export training for technology companies Several Cities Supported Local Business Incubator Initiatives 8 Cluster Promotion and Development Woodinville, Shoreline, Kent and other cities used funding to promote clusters (Media, wine, food, technology) Efforts provide foundation for investment and jobs Build on existing clusters, create new opportunities 9 Tourism / Wayfinding A number of cities invested funds in tourism and wayfinding projects North Bend, Duvall, Snoqualmie and Carnation supported Savor Snoqualmie, a regional tourism development effort Wayfinding signs will improve community appeal, improve business visibility and tourist navigation Working Together to Promote Rural Adventures 10 Website Enhancements Renton, Covington, Sammamish, SeaTac, Pacific all enhanced their websites to promote local merchants and business development opportunities Sites feature refreshed data, maps, imagery and demographics to support business attraction and development City of Sammamish Business Portal Websites are the New Front Doors to Local Communities 11 Planning /Feasibility Studies Bothell Updating Canyon Park area to support current business model growth Des Moines Feasibility study to support downtown and Marina redevelopment Shoreline Developed a prospectus for a campus media center Newcastle Planning to support pedestrian oriented Coal Creek Parkway redevelopment Canyon Park Business Park (Bothell) Priming the Pump for New Development 12 An Important and Effective Partnership Initial Results are Favorable Cities are willing to report on longer term results Cities do not have the resources to implement these initiatives. In many cases local governments are now able to take on longer term development projects (ex. Des Moines) This partnership is an effective way to advance the Port's Century Agenda and business interests Leveraging Port Resources to Promote Regional Development 13 Next Steps Support development of new city projects and related contracts Bring specific contracts to Commission for review and approval Work cooperatively with Cities to implement new initiatives and partnerships advancing economic development Sustaining Partnerships That Advance Regional Prosperity 14
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