6a - Economic Development StrategySome Assembly Required
Draft January 2015
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Federal Way
Economic Development
Accomplishments First 100 Days
Submission of Pipeline Applications to 9 CDFI's for
N MTC's for PACC
Participated in 3 Neighborhood Connection Mtgs.
Staff LTAC
Staff PACC Grant Committee
Staff for Reuse of Weyerhaeuser
Completed Conditions & Considerations Reports
Participate on City TC-1 Team
Involved in Acquisition of TC-3 Site
Participate on TC-3 Team
Economic Development
Accomplishments First 100 Days
Met with Largest Commercial/Office Property Owners
Mtgs. with Economic Development Peers
Seattle/King Co. EDC
Tacoma/Pierce County EDB
Cities Auburn, Renton, Tukwila SeaTac & Kent
Produce Federal Way Business Minute
Update to Center City Planned Area SEPA
Flag Raising — Coordinated Sponsorship
Kenyan Delegation
Met with an owner of Sacramento Kings, NBA
SOME ASSEMBLY REQUIRED
Shantou, China Visit
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SOME ASSEMBLY REQUIRED
Progressive Insurance
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SOME ASSEMBLY REQUIRED
Purpose
Simply to Create Jobs while continuing to both Diversify and Sustain
Federal Way.
Some Assembly Required
The name of the strategy calls attention to the goals & objectives
involved with the planning, designing, financing and construction
associated with the programs, projects and services need to
accomplish the purpose of the strategy.
SOME ASSEMBLY REQUIRED
Outcome / Expectancies 2015=1 6
1. $350-$450 Million in Public & Private Investment 2015-2016
Federal Way High School
B. Town Center
C. Acquisition of Weyerhaeuser
D. Seattle Children's Clinic
10,000 Full Time Permanent & Temporary Jobs
Announced/Created
3. Reduction of Poverty Levels by 4% by the end of 2016
4. Access to $8 million from Community Based Loan Programs for
FW Entrepreneurs by the end of 2016
SOME ASSEMBLY REQUIRED
Economic Development Strategy
Vision, Mission & Goals
Vision:
"To Become the Premier Community in the Puget Sound,,
Mission:
Produce Solutions to Attract and Retain, Jobs,
Investments along with Improving the Tax Base and
Enhancing the Quality of Life in Federal Way.
SOME ASSEMBLY REQUIRED
Economic Development Strategy
Goals
Promote & Create a Sustainable, Diversified & Globally
Focus Economy.
Help Attract, expand & Retain Businesses, Jobs and
Investments.
Alignment of Reuse of Weyerhaeuser for Next Generation
of Jobs.
SOME ASSEMBLY REQUIRED
Economic Development Strategy
Goals (continued)
Build Brand to Promote & Enhance Image of Federal Way.
Ensure Educational Opportunities Align with Future Job
Growth.
Formulate Tools & Systems to Encourage
Entrepreneurship.
SOME ASSEMBLY REQUIRED
Economic Development Strategy
Emerging Themes
Young Population
Quality of Life
Diverse & Skilled Labor
Force
Location
Educational Levels
Income levels
Jobs -Housing Balance
Departure of
Weyerhaeuser
SOME ASSEMBLY REQUIRED
Economic Development Strategy
Highlights of Objectives
Economic Development
Summit
Federal Way Showcase
Formulation of Business
District Associations
Recruitment of Branch
Campus of Major University
IDE2AZone
Entrepreneurs Fest
Women in Business
Conference
Operation Landlord
Film Federal Way
SOME ASSEMBLY REQUIRED
Economic Development Strategy
Highlights of Objectives
Examination of Community Dev. Corp
Mayor's Roundtable
Enhance Sister City Business Relationships
Reuse of Weyerhaeuser
Town Center Projects TC-1,TC-2, TC-3, TC-4
Economic Development Strategy
Meeting Schedule /Timeline
Jan 6th — Special Council Meeting 6:00-6:45
40 minute briefing to unveil Economic Development Strategy
Jan
7th —
Planning
Commission, 7:00pm
Council Chambers
Jan
20th
—
Regular
Council
Meeting
Public Hearing/Citizen Comment/Council Discussion
Jan 27th — FEDRAC Council Committee 4:30pm Hylebos
Room
Jan 31st —Council Retreat (1 hour presentation)
Feb 3rd —Regular Council Meeting 7:00pm
Council Action/Adoption —
THANK YOU