HomeMy WebLinkAbout05052016 Economic Development Committee packetCouncil Economic Development
Committee
CED Conference Room
City Hall
May 5, 2016
1:30 p.m.
Members: Staff: Others:
Councilmember Coffey Jeff Cutter, Interim City Manager
Councilmember Gutiérrez Sean Hawkins, Economic Development
Manager
Councilmember Cousens Rob Peterson, Airport Manager
Joan Davenport, Director of Community
Development
Agenda
Action Items:
1.Presentation and Discussion on Development at 24th and Nob Hill with Hogback
Development Company
2.Craft Beverage Yakima Update – Attendance by Members of CBY
3.RECON Expectations and Follow Up
4.Joint Economic Development Forum
5.Economic Plan Example – City of Bellevue Economic Plan
6.Downtown Housing Incentive Program
City of Bellevue Update
AWC -Large City Advisory Committee
Presenters from Bellevue Planning & Community Development:
•Emil King, Strategic Planning Manager
•Michael Kattermann, Senior Planner
•Jesse Canedo, Economic Development Manager
Downtown
Bellevue
BelRed Subarea
Wilburton
130th
Station
MSFT HQ
Eastside Rail
Corridor
Grand
Connection
120th/Spring
District Station
Wilburton
Station
Downtown
Station
East Main
Station
Wilburton Plan + Grand Connection
3
Grand Connection Charrette in Action
Grand Connection Charrette Ideas
Pedestrian Movement
& Green Space
Grand Connection Charrette Ideas
Art & Sculptural
Elements
Grand Connection Charrette Ideas
Central
Gathering
Places
Affordable Housing Citywide Issue
•Rents average $2,000
some areas.
•Low & very low income
affordable rents $450 &
$1,000.
•High home prices –
difficult to maintain
ownership costs at 30%
of income.
•Median single family
sales price $777,500
(Jan. 2016) –requires
household income over
$160,000 to be
affordable.
County residents making less than $15 per hour*
$11.09
$12.33
$13.37
$13.95
$14.72
Barista
Hotel Maid
CookGrocery
Clerk
SOURCE: WA Employment Security Dept
Workforce Explorer: King County, 2015
Teller
* ($31,000 annually; or 50% median for a single person)
Existing Bellevue Affordable Housing Tools
Direct Support
Typically leverages other funding Partners
with non-profits / ARCH role
Other Tools
•General Fund contributions (housing
trust fund administered by ARCH)
•Donation of surplus land
•Planned affordable housing at transit
nodes in BelRed
•Attached accessory dwelling units
Market Incentives including Financial Incentives
Can incent private market to create and preserve affordable units
•BelRed incentive zoning system -1st tier for residential development
•Multifamily Housing Property Tax Exemption (MFTE)
•Reduced parking requirement Downtown and BelRed for small, affordable units
•Exemption of transportation impact fees for affordable housing
•Modest affordable housing density bonus available citywide
Affordable Housing Strategy
Goal Statement
This project will identify what it will take to have a healthy housing
market that:
Provides affordability across range of incomes mirroring
population & workforce
Will use a Council-appointed Technical Advisory Group to
help develop a strategy in 2016.
Economic Development Program
Economic Development Plan
adopted by Council July 2014
Identifies four target clusters:
Technology, Business Services,
Retail, Tourism
Includes focus on business
retention, entrepreneurship
Economic Development Plan
Office of Economic Development
Mission:
To develop and implement sustainable programs that advance job
creation and investment, develop human capital, and spur innovation
and entrepreneurship in order to build a foundation for prosperity in the
community.
Program Objectives:
Business Attraction: Attract national and international companies to
Bellevue that align with our economic development strategy, growth
industries and complements and supports local businesses.
Business Retention & Expansion: Develop and promote a healthy and
vibrant business climate in Bellevue that facilitates the growth, retention
and expansion of local companies.
Next Generation Bellevue: Foster the development of an entrepreneurial
and start-up culture in Bellevue to help businesses start, grow and
become successful.
Regional Collaboration
Research & Education
The Global Innovation Exchange to
bring 3k students focused on
technology and entrepreneurship.
Bellevue schools received gold,
silver or bronze medals in the U.S.
News Best High Schools rankings.
$1.2 billion in venture capital
investment for startups.
Startup425 Entrepreneur Center
Shared space at Impact Hub
Bellevue
Phase 1:
Community conference room
Meeting space for SBDC,
SCORE, and business support
orgs
Technical support for first timers
Class from Startup425 Resolve
Phase 2:
Launch and Pit Stop programs
425 Global Launch program
Priority Initiatives for 2016
Tourism Master Plan—Complete Q3 2016
Economic Development Branding & Marketing
Development—Complete Q3 2016
Power of Play 2016 –May
Startup 425 Entrepreneur Center
SelectUSA Summit 2016
UW Global Innovation Exchange
Regional collaboration
Thank you