6d supp
ITEM NO: 6d_Supp_________ MEETING DATE: November 24, 2015 Street Pricing Policy for Airport Dining & Retail Tenants Background Definition of Street Pricing Rationale for Policy History of Policy at the Airport Street pricing has been an effective policy at the Airport 2 Local Minimum Wage Ordinances City of SeaTac Proposition One City of Seattle Minimum Wage Ordinance Washington State Supreme Court Ruling Staff interpretation of guidance by Port of Seattle Commission in 2014 ADR motion Numerous local government actions affecting minimum wages 3 Wage increases in City of Seattle ordinance Large Employer Small Employer City of Seattle ordinance specifies increases in minimum wage by year 4 Wage Disparities Minimum Wage Comparison - City of SeaTac vs. City of Seattle $19.00 $18.00 $17.99 $17.57 $17.29 $17.16 (-4%) $17.00 $16.89 $16.76 (-4%) $16.49 $16.49 $16.36 (-4%) (-9%) $16.00 $16.11 $16.11 $15.98 (-4%) (-9%) $15.73 $15.73 $15.61 (-4%) (-9%) $15.36 $15.36 (-4%) (-9%) $15.00 $15.00 $15.24 $15.24 $15.00 $15.00 (-4%) (-9%) $14.00 $14.00 (-14%) Notes: - Percentages in parentheses are $13.00 $13.00 $13.00 difference of Seattle to SeaTac wages (-17%) (-20%) - For 2017 and onward, assumes 2.4% CPI-W growth $12.00 $12.00 (-27%) $11.00 $11.00 (-39%) $10.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Seatac Seattle (Large) Seattle (Small) Differences in local ordinances creates disparities in minimum wages 5 Impact of Wage Disparities Profitability of current tenants Interest from firms, particularly small, local, disadvantaged firms in ADR leasing opportunities Minimum wage rate disparities could negatively impact ADR program 6 Recommendation A temporary change in the street pricing policy From 12/1/2015 through 12/31/2019, allow street plus 10% Sufficient time for wage rates to equalize Return to street pricing on 1/1/2020 Recommendation designed to support ADR employers and employees 7
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