PCD 2022-12-05 Item 1A - Discussion - Economic Development Plan, Vision and Goals

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City of Tukwila Allan Ekberg, Mayor INFORMATIONAL MEMORANDUM TO: Planning and Community Development Committee FROM: Derek Speck, Economic Development Administrator DATE: November 28, 2022 SUBJECT: Economic Development Strategy — Draft Vision and Goals ISSUE As part of our task to create an Economic Development Strategy for the City, staff would like to provide a brief update and receive feedback on a draft vision statement and goals. BACKGROUND In June the City Council authorized the Mayor to execute a contract with Community Attributes, Inc. (CAI) to create an Economic Development Strategy. In August the Council provided input on the community engagement plan. In October the Planning and Community Development Committee provided early input into the Strategy. Currently, staff and CAI are conducting community engagement and will continue that with heavy emphasis in December. We plan to return to Council in January with the results of the engagement and for feedback on a draft Strategy document. DISCUSSION At this time, we would like the Committee's feedback on a draft vision statement and goals for the Economic Development Strategy. These will help CAI and staff move in the right direction as we create draft strategies, actions, or other components in the document. It is likely we will revise these further as we continue to develop the Strategy. When we return in January we will bring draft strategies and actions to support the goals. DRAFT Vision Statement for Tukwila's Economy Tukwila is a vibrant community with a strong and sustainable economy that celebrates its diversity, supports economic prosperity for all residents, and provides a foundation for businesses of all sizes. DRAFT Economic Development Strategy Goals 1. A Strong and Sustainable Economy Continue to strengthen Tukwila's economy and ensure robust, sustainable tax revenues to support essential services the City provides to businesses, visitors, and residents. 2. A Desirable Community and Positive Identity Enhance Tukwila's sense of place and support a positive identity to ensure it is a community of choice for businesses and residents. 3. Prosperity and Opportunity for Businesses and Residents Expand avenues of durable economic success for workers, entrepreneurs, business owners, and residents in Tukwila with a focus on shared prosperity and opportunity.