HomeMy WebLinkAbout01/25/2022 03. Economic Development update •
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 3.
For Meeting of: January 25, 2022
ITEM TITLE: Economic Development update
SUBMITTED BY: Matthew"Selby" Selby, Interim Assistant City Manager
SUMMARY EXPLANATION:
Attached you fill find a presentation providing an update on economic development efforts
underway in the City.
ITEM BUDGETED: No
STRATEGIC PRIORITY: Economic Development
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
ATTACHMENTS:
Description Upload Date Type
D tconomic DeN,elopment Update 1/21/2022 Corer Memo
Economic Development
January 25 , 2022
• Affordable Housing
• Convention Center
• SurpIus Downtown Properties
• Airport
• Available Properties
• Tax Increment Financing
• Economic Development Planning
Affordable Housing
• Connecting Housing to Infrastructure
Program ( CHIP ) Grant
• $ 1 . 4m for three 100% affordable housing projects
• Fee Reimbursement Program
• Habitat for Humanity
Yakima HousingAuthority
Fruitvale & N 6th Ave
Fruitvale Blvd • Fruitvale Blvd - • $767,334 Grant Request
is . . '4. >` • 54 units of affordable housing
- z • 50% units at 30% AV I *
- - _- -- .r)' ' " ` , - • 10% units at 10% AV I
.. • 40% units at 60% AV I
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Genesis HousingProject
Project on N 16th Ave & Cherry Ave
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Charities and Office of Rural
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, ' 4 , . in , • 32 units of affordable housing
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- • 18, 2- bed units @ 50% AMI
,� • 14, 3- bed units @ 50 % AMI
_. . � • Targeting farmworker families
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Affordable Housing
Rod's House project on E . Chestnut St
N * iii Pk • $ 184, 352 Grant Request
• 12 studio -style apartments
• Homeless youth ages 18-24
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• Shelter for youth under age 18
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Fee Reimbursement Program
• RequirementofCHlPsGrant
• Proposed Ordinance to use existing affordable housing
tax revenues to reimburse costs for utility connections for
multi-family, low- income housing
• Ordinance 2019-020 adopted HB 1406 allowing City to
retain portion of sales tax for affordable housing
• $ 300, 000 retained to date
Habitat for Humanit
v
• Yakima Valley Partners Habitat for Humanity has
expressed interest in four City-owned
properties for development into affordable
housing
• Appraisals completed in August 2021
• Habitat indicated willingness to pay fair market
value
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• 18, 000 sf expansion completed 2021
4th largest convention center in WA
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Convention Center
$ 500, 000 capital request in this legislative session
➢ Roof replacement = $ 255 , 000
➢ Walk- in cooler/freezer = $ 50, 000
➢ Kitchen renovation = $ 175 , 000
Convention Center
• Potential for new hotel
• Utah - based developer approached City
• 3 story, 126 room hotel
• 20, 000 sf of retail/ restaurant
• 111 parking spaces
• Contingent on development of parking .garage ,
purchase of Chamber of Commerce building
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Convention Center
• Parking garage feasibility study by
ECONorthwest
• $ 20 , 600 study to determine feasibility, cost
and funding mechanism for construction
and operation
• Public Facilities District ( PFD ) Board to vote
on January 27
Surplus Downtown Properties
• Three properties identified for potential
redevelopment in downtown core
• Updating parking counts
• SEPA process
• RFP process to find suitable developer to create
public- private partnership to develop properties into
mixed -use, mixed - income projects
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Airport FLYYP . M AIRLInsNES avelo �
• Airport Master Plan update in 2020
• Incentive Program adopted in 2020
• Currently served only by Alaska Airlines, 2
flights/day
• Preliminary talks with Avelo Airlines
• Direct flights to LAS and BUR
• AirPlanners consultants will be presenting to
community in coming months
Areas with Potential
• Cascade Mill Site
• Former Yakima Speedway
• Former mall & other vacant Downtown
buildings
• Airport
Cascade Mill Redevelopment Project
• -�, . }` ,� . , 200 developable acres
, T •,.;t,A� y, • • Zoned Regional Development
At.
y Allowable uses include highway
ti19i1 1' r F i\`r
' __ ._ ,. ,. E 4 ;, \ ."; commercial and light industrial uses
CI - ��� - r :, ; �'. R •estncti�e covenant prohibits residential
°i 3 ` h ' :Y r uses
"
•
c •. s -* 1 - 0, ' '. • 2014 market analysis identified highest
• - *y., �,
�,, • . do - � . -� and best uses as hospitality (hotels,
s r . . ' restaurants), light industrial, educational
y 7 7� facilities and entertainment (amusement
r
. Gs : : S *a park d-� ° ; i
s .
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Former Yakima Speedway
\ l
" Local broker, Russ Roberts
-, ) • Southerly portion sold to Pape
1 . -;i i :I `�
t ,._ \ ,` > John Deere dealership
► 4, :; j � , • > Kenworth Truck dealership
E, -1Js I . 3_.
j 't • 27 acres left, on market for $6m
: .: , „ifi\,,. l; j 4
• Zoned Regional Development
i -,
• Interested buyers looking to subdivide
• Light industrial, RV dealership, Trucking
` companies
Vacant Downtown Buildings
1
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• 5.__ ‘-'52,500 sf building next to Ron's Coin & Collectibles
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—13,000 sf Wilson Building
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Tax Increment Financing
• WA legislation adopted in 2021 ( HB 1189 )
• Supports investments in public
improvements to spur new economic
development without adding to the tax
burden of existing property owners
Only 2 TIF Districts per City
Total Assessed Value < $200m
How tax increment 4
Public improvements can be roads,
financing works utilities, sidewalks, parking,
say` brownfield mitigation, etc.
SS
�
a4 Public improvements bonded by
City over 25 years
`�
Tax reve Public improvements expected to
from increment f
� encourage private development
Base assessed = within TIF district and increase
value assessed value of property within
the district.
t
Development Revenue to Staff investigating further to make
taxing districts recommendation to Council at later
date
Economic Development Planning
• 2013 Downtown Master Plan
• 2015 Yakima & Kittitas Counties Regional
Comprehensive Economic Development
Strategy ( CEDS )
• 2016 Economic Development Strategic Plan
• 2017 Comprehensive Plan
Comprehensive Strategy
• Regional CEDS required by EDA for grant
funding
• Update every 5 years
• Yakima County Development Association
( YCDA ) , Kittitas County Chamber of Commerce
and Central Washington University met early
January to commence update process
• Anticipate updated plan to be done this spring
• City needs to prioritize projects for plan
update
2015 CEDS Priority Projects ( Yakima )
2 ) Cascade Mill Project
8 ) North 1st St Facade & Sign Replacement Program
13 ) Public Market/ Incubator
14 ) YKM Terminal replacement
17 ) Downtown Farmer s Mar et
Downtown Farmers' Market
• Rotary International and Downtown Association of
Yakima ( DAY) project
• 15 West Yakima Ave ( Fruit Row )
• MOU and Lease with Memorial Hospital
• $ 1 . 6m project with $ 1m committed from private
donors
"" ; {i. , Rotary Marketplace
. Downtown Farmers Market
•.
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Questions ?