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News from Seattle's Office of Economic Development

Foreign Trade Zone Seminar – April 10th!

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(From www.naiopwa.org)

enterpriseSeattle is pleased to partner with NAIOP, the Port of Seattle, Dorsey and Whitney LLP., and the City of Kent to promote the Port of Seattle’s Foreign Trade Zone #5.  The event will be held at the ShoWare Center in Kent from 7:30AM – 10:30AM on April 10th, 2012.  The event will include a host of Foreign Trade Zone experts who will provide an overview of the program and explain how this  Federal program can generate new economic activity in our region.

Exports and imports in the Puget Sound region are expected to dramatically increase in
the coming years. There are new tools available from the Federal Government to help
encourage this activity that your customers need to be aware of. The benefits of the Port
of Seattle’s Foreign Trade Zone can be applied to every existing building and greenfield
site in King County. This can provide tenants, with a competitive edge, helping to manage
cash flow by deferring, reducing and potentially eliminating customs duties and reducing
overall operating costs.

This seminar will be your best opportunity in 2012 to learn the basics of the Foreign
Trade Zone program and other Federal Programs that can benefit manufacturers and
distributors throughout King County.

REASONS TO ATTEND:
• Get important information about the Foreign Trade Zone program, and how it
can easily and quickly be applied to every existing building and greenfield site in
King County.
• Develop ways to communicate program features and benefits to current and
potential tenants, property owners and investors.
• Learn the program basics and operational requirements from experts in the
import and export field.
• Discover how to use new Foreign Trade Zone knowledge and translate it into
success for you and your business.
• Learn about other Federal tools to encourage imports and exports that can be
accessed by your clients.
• Approved for 3 CE credits.

To register, please visit the NAIOP’s event page.

Cancellation Policy

Requests for cancellations must be received 72 hours before event. If the request is received within the 72 hours, 100% of the registration fee will be refunded. Registration fees for no-shows will be forfeited with no exceptions.

2012 Greater Seattle International Study Mission to Chile

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The Trade Development Alliance and the Seattle Metropolitan Chamber of Commerce present the 2012 Greater Seattle International Study Mission to Chile: Santiago, Valparaiso, and Viña del Mar.

The 19th Greater Seattle International Study Mission to Chile offers interesting initiatives and challenges from which Greater Seattle can learn. Whether their innovative use of private toll roads or their remarkable success at earthquake preparation, Chile provides lessons for Greater Seattle. With the port city of Valparaiso, the successful branding of Chilean wine, and efforts to balance power needs with environmental concerns, we will delve into best practices and challenges to help move forward our own region.

Potential areas of study include:

  • Economic Development
  • Branding of the Wine Industry
  • Education
  • Ports/Cruise Ships
  • Privatization Programs
  • Energy and the Environment
  • Social Safety Net Program
  • Earthquake Preparedness
For registration/sponsorship info:
Contact Anne Maria Jacobson
email: annemariaj@seattlechamber.com
phone: (206) 389-7220
For more program details:
Contact Sam Kaplan
email: samk@seattletradealliance.com | ph: (206) 389-7306
or
“A” Boungjaktha
email: neepapornb@seattletradealliance.com | ph: (206) 389-7289


OED invests in Pike Place Market renovation; makes the cover of Novogradac Journal of Tax Credits

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As part of the Seattle Jobs Plan, the Office of Economic Development has been actively investing New Markets Tax Credits (NMTCs) through the Seattle Investment Fund LLC to support community-based, economic development projects that help create jobs and provide other community benefits.

Recently OED’s investment in the Pike Place Market renovation was covered in the Novogradac Journal of Tax Credits.

Pike Place Market is part of a 9-acre historic district that includes housing, small businesses, restaurants, office, and social services and generates more than $100 million in annual sales, according to Ben Franz-Knight executive director of Pike Place Market Preservation and Development Authority (PDA). Now, the market is getting some much-needed improvements. A $73 million, six-year property tax levy funded by Seattle residents is bringing the market buildings into the 21st century, while an infusion of NMTC equity is keeping small and marginal businesses open during the renovation. 

“Strengthening and rehabilitating that market for the next hundred years was critical to us.  Both economically and culturally, it is the heart of our city,” said Steve Johnson, the city’s economic development director. 

The city’s investment of NMTCs to the renovation project resulted in $1.8 million in equity and $7.3 million in debt financing to help finance tenant improvements and temporary relocation assistance for more than 60 small businesses impacted by the Market’s significant infrastructure renovations.

Ken Takahashi, OED’s NMTCs program manager explains, “While the levy proceeds made the overall renovations possible, the NMTCs transaction provided the critical final piece of financing to support small businesses impacted by the renovation.”  Many of the businesses received reduced rents or rental assistance and would have struggled to survive during the eight to ten months their market spaces were unavailable.

In addition to the Pike Place Market investment, the city has invested in these two additional projects in 2011:

Bullitt Center: The city’s NMTCs investment resulted in $1.9 million in equity and $7.3 million in debt financing to assist the development of the nation’s first office building to achieve Living Building standards. The six-story, 50,000-square-foot building, is anticipated to be the nation’s first to exceed LEED Platinum efficiency standards. The project also creates or retains 141 direct permanent jobs and creates 94 direct construction jobs that will provide opportunities to WMBEs, pre-apprenticeships and apprenticeships. The building is expected to be an anchor for future economic development through onsite green building training programs.  (July, 2011)

INSCAPE building: The city’s NMTCs investment resulted in $1.9 million in equity and $7.2 million in debt financing to assist the redevelopment of the historic INS building to create affordable space for local artists and strengthen the connection between the Chinatown/International District and Pioneer Square neighborhoods. The project will create or retain over 100 permanent jobs while providing affordable artist space; and preserve the history of the building’s past in conjunction with the Wing Luke Asian Museum. (September, 2011)

Read the full Novogradac article on OED’s investment in the Pike Place Market renovation here.

New Markets Tax Credits (NMTCs)

The New Markets Tax Credits (NMTCs) Program was established in 2000 as part of the Community Renewal Tax Relief Act.  NMTCs are federal tax credits that can be distributed to private investors who provide low-cost financing for business and real estate projects located in eligible census tracts. The goal of the program is to spur revitalization efforts in low-income and impoverished communities across the United States.

 Seattle Investment Fund LLC

The Seattle Investment Fund LLC is a limited liability company created by the City of Seattle to help create a robust economy and broadly shared prosperity through investments of federal New Markets Tax Credits. For more information about the city’s Office of Economic Development’s NMTCs program, visit www.seattleinvestmentfund.com or contact Ken Takahashi at ken.takahashi@seattle.gov or 206-684-8378.

IG Report says NOAA should have considered existing federal facilities before deciding to move from Seattle to Newport, OR

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At the end of June, The Department of Commerce Inspector General confirmed that the National Oceanic and Atmospheric Administration (NOAA)’s solicitation process was legitimate, but agrees with Senator Cantwell, Congressman McDermott, and the City of Seattle that NOAA should have first considered existing federal facilities, and that choosing an existing federal facility could have saved taxpayer dollars.

Before deciding to move its research fleet from Seattle to Newport, Ore., NOAA failed to adequately consider the less expensive option of existing federal facilities in Seattle, says the Department of Commerce Inspector General Report. The report also explained that, “given the ground rules NOAA set for the competition, Newport would have been the likely winner, regardless of flaws in the selection process. But the report found the fundamental problems with NOAA’s analysis occurred before it set the ground rules.”

In addition to the Lake Union site and the Newport site, NOAA had analyzed the Port of Bellingham and the Port of Port Angeles. NOAA has operated out of Lake Union for at least 50 years, where the 10-vessel fleet is manned and administered by a staff of about 175.

To read Seattle Times’ coverage, please click here.

To read Senator Maria Cantwell’s full press release, please click here.

To view the Department of Commerce Inspector General Report, please click here.

Additional media resources:

“Inspector general: NOAA lease award flawed”
Puget Sound Business Journal

“Report: Process that led NOAA ships to leave Seattle flawed”
Seattle PI

“Federal watchdog questions NOAA’s move to Newport over Bellingham, Seattle”
Bellingham Herald

“Rep. McDermott Lauds Inspector General’s Findings on NOAA’s Flawed Decision to Move Marine Center from Seattle to Oregon”
U.S. House of Representatives

Upcoming webinar: workforce development for a green economy – June 24th

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The National League of Cities’ Center for Research and Innovation will be holding a free webinar, “Workforce Development for a Green Economy,” on Thursday, June 24 at 2:30 p.m. EST.  The webinar is free, but space is limited, so advance registration is suggested. Click here to register.

Details: In many communities, cities are grappling with tough policy questions on how the potential of green jobs can translate into their local economic context and ultimately provide benefits to their citizens.  To help cities better understand this topic, this free webinar will explore strategies local leaders can use to assess opportunities within and prepare local workers for careers in a green economy. The webinar will feature the following two speakers with firsthand expertise on green jobs and workforce development. 

  • Joan Fitzgerald is professor and director of the graduate program in Law, Policy and Society at Northeastern University. She specializes in urban economic development and sustainability. Her new book, “Emerald Cities: Urban Sustainability and Economic Development,” examines how cities are linking initiatives in renewable energy, green building, energy efficiency, waste management and transportation to job creation, business development and business profitability.

Please contact Tammy Zborel at zborel@nlc.org or Katie Seeger at seeger@nlc.org with any questions.

Want to join the NLC Finance and Economic Development Email list?  Click here.

Top 5 reasons why you should attend Smart + Simple Strategies for Small Business

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1.  It’s only $25 for a day-long seminar!
2.  You’ll dive into hot business topics like Social Media, SEO, Branding Basics, Cloud Computing & Green IT
3.  You’ll walk away with tips and tricks from industry experts to rev up your company immediately!
4.  You’ll be inspired by Seattle Seahawks Colin Cole, while discovering just how much business entrepreneurs have in common with professional athletes.
5.  You don’t want to miss your chance to win a Dell Latitude Z laptop loaded with Windows 7 Professional and a 1 year technical support contract with AT&T!

To register or for more event information visit seattlechamber.com/smart&simple
 
Date: Tue, June 15th, 2010
Conference: 8 a.m. – 2:30 p.m.: Two tracks, plus hosted breakfast and lunch with featured speakers.  The event is hosted by Greater Seattle Chamber of Commerce and Microsoft.
Reception: 2:30 – 4:30 p.m.: Fully hosted networking reception
Place: Washington State Convention Center (800 Convention Place, Seattle 98101) – 6th floor
Cost: $25 after 6/13 ($20 pre-paid)
Registration:  Click here or contact Larry Pike | (206) 389-7215.

Hard Rock Cafe Seattle celebrates its grand opening

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Hard hats and safety goggles were the accessories of choice at the grand opening of the new Hard Rock Cafe Seattle on 1st and Pike on May 20th; in lieu of a formal ribbon cutting, a 16-person lineup of local music celebrities (including Sir Mix-a-lot) and players from the Seattle Sounders and Seattle Seahawks smashed 16 faulty Fender Stratocaster guitars to inaugurate the Hard Rock’s new downtown location.

Seattle Office of Film + Music coordinator Rachel White, who assisted the café with permitting issues as it prepared to open, represented the Mayor’s Office at the event, reading Mayor Mike McGinn’s proclamation of “Hard Rock Cafe Seattle Day” to an enthusiastic crowd of event attendees, onlookers and local press. The 14,000-square-foot Hard Rock Cafe location, which includes seating for 425 and an upstairs live music space, supports 150 new jobs and fills a long-vacant retail space mere steps away from the Pike Place Market.

The celebration and official welcome included live performances by Seattle bands Ra Ra Riot and the Thermals. The Cafe also announced major donations to two local music organizations: The Vera Project, a Seattle based organization that engages young people in music and the arts, and The Musary, a foundation set up by Ra Ra Riot to encourage and develop musicians.

Read Hard Rock Cafe’s post on the grand opening here.

Learn more about the Seattle Office of Film + Music here.

Seattle is the 2nd best city for the next decade

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Kiplinger’s Personal Finance today ranked Seattle No. 2 in a feature on the “10 Best Cities for the Next Decade.”

Jane Bennett Clark of Kiplinger’s writes, “Home to a well-educated workforce, a world-class research university, and innovators Amazon, Boeing, and Microsoft, Seattle crackles with creative energy. Also thriving is the life-sciences industry, a staple of the Seattle business scene, thanks to the University of Washington’s billion-dollar-a-year research budget and a cluster of topflight medical and bioscience centers.” 

The article highlights Seattle’s leadership in healthcare, clean technology, aerospace, and academic research and talks with University of Washington’s President Mark Emmert; Washington Global Health Alliance’s Executive Director Lisa Cohen; and the City of Seattle’s Office of Economic Development’s Acting Director Steve Johnson.

“Other areas have been deliberate in how economic development occurs…We’ve been more laissez-faire. We realized with this recession that our city and region need to be much more aggressive in business development,” Johnson says.

View Mayor McGinn’s press release here.

View the full Kiplinger’s article here.

SIFF opening highlights Seattle as a true “City of Film”

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SIFF opening highlights Seattle as a true “City of Film” 
Seattle Channel
The Seattle Channel captures members of the local and national film community, and Seattle Mayor Mike McGinn, on the red carpet at the opening night of the Seattle International Film Festival.

Improving quality of life through neighborhood grocery stores 
Wall Street Journal
Access to the fresh produce and other foods sold in grocery stores is likely one slice of a multi-part solution to obesity – but it’s a lot more complicated than geographic proximity.

Consumer confidence rises in May 
Seattle Times
Americans’ confidence in the economy rose in May for the third straight month, fueled by growing optimism about future job prospects. 

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As a service to the Seattle business community, the Office of Economic Development curates a daily business news blast, Daily Digest. As a new trial feature on Bottom Line, we’re posting a handful of stories from the Daily Digest every day.  Find the stories informative or helpful? Keep checking Bottom Line or sign up for Daily Digest to receive the full version in your inbox every day. Subscribe to the Daily Digest here.