Planning 2014-07-22 COMPLETE AGENDA PACKET

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• Provide efficient and timely administration of City services • [Expand and diversify the City's sources of revenue] The following are activities that the City emphasis in order to accomplish the City's economic development goals: • Respond to specific requests for assistance from local firms • Emphasize business development to encourage existing businesses to expand • Maintain public works and utilities so the City's infrastructure can meet both existing and future needs of the economic sector • Support job enhancement programs to increase residents' employability through coordination of private and public sector activities The following are potential tools available to the City to enhance economic development in the City: • Industrial revenue bonds for certain areas • Multi- family property tax exemption • Targeted government and private resources • Targeted local, state, and federal funds • Use of infrastructure investment to attract new firms and development to designated areas • Funded, staffed, and administered economic development work group • Timely, predictable customer - oriented permitting and City services • Lodging tax for tourism promotion Economic Setting In this way, local government can play an important role in the economic vitality of the community. The policies developed in this element are aimed at implementing that role. The following statistics may be useful in setting the background for the economic development policies. In 2003, the population of Tukwila was 17,270; estimated 2011 population was 19,050. The City's daytime population is estimated between 150,000 to 170,000. Taxes collected in 2003 were estimated to be $28.2 million, which increased to $39.78 million by 2012. During the same period the assessed valuation of the City grew from $3.340 billion to $4.64 billion. In 2002 there were 7,628 housing units; by 2010 this number increased to 7,989 units. 2 City of Tukwila Comprehensive Plan - Community Image Element PC Recommended Draft Z: \DCD n Clerk's \PC Laserfiche Packet \2014 PC Packets \07 -22 -14 and 7- 24- 14 \B1_ECONOMIC DEV--- Element_ to_PC_w_ COMMENTS.docx 30 Comment [BM5]: Language added to reflect the decline that is occurring in the City's sales tax market share. Comment [BM6]: Additional language added regarding job enhancement. Comment [BM7]: This section was completely updated with new data.