HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 05/21/1996 ECONOMIC DEVELOPMENT CORPORATION
May 21, 1996
5:30 p.m.
Present: Boardmembers Johnson, Houser, Woods, Banister and
Llewellyn, Barbara Ivanov, Rico Yingling, Scott Jackson and
Donna Swaw.
Chairman Johnson called the meeting to order. Barbara Ivanov of
the Kent Chamber of Commerce reported on the success of the 1995
International Trade Show, noting that 38 new business
relationships were formed and that there were hundreds of new
leads. She thanked the EDC for their participation. She stated
that they have learned many lessons and that it will take several
years and be expensive before results are seen.
Ivanov noted that a new Sister-Chamber agreement was signed with
Shanghai in the Xuhui District during the recent trade mission,
and that they had met with officials of other cities. Houser
noted that she had signed an agreement with The People's
Congress, who are eager to trade. Ivanov added that a Sister-
College agreement was also signed.
Ivanov stated that more than 25 companies from China and Taiwan
have committed to this years trade show. She noted that the Kent
Chamber is partnering with other chambers, and that there will be
• a gathering in Taiwan in the spring of 1997.
Yingling stated that one of their goals is to create a trading
community, and Jackson said the focus now is on how to grow the
trade center and create jobs. He noted that Ivanov has
identified a scope of work in which a profile of manufacturers
could be tied in to a study being done by the State Office of
Financial Management and possibly one being done by the Port of
Seattle, to ensure that Kent is a third partner. He distributed
copies of a Strategic Plan, and noted that it does not duplicate
any other work being done. He explained that the profile would
identify wholesale and manufacturing/warehousing industries and
what they do, who their employees are, who their customers are,
and how they interact in terms of the population base and demo-
graphics. He said that they have come up with a majority of the
funding required for the project, which includes $40, 000 from the
Chamber and Tradec, and support from the King County Industry
Council and possibly the Port of Seattle. He noted that they
need engineering and planning staff work. He asked the EDC Board
to consider some financial support in the amount of $10, 000-
15, 000 in order to ensure that the committee is in charge of the
process along with the Chamber. He noted that the study would
take approximately nine months, and that the Exchange could be
used as a case study in the report. Yingling pointed out that
the study would also provide information to the EDC Committee.
After further discussion, Ivanov noted that the total budget
would be between $75, 000 and $80,000, and that an economist would
have to be funded. Jackson offered to provide budget details if
the EDC Board is interested in the project. Johnson, Houser and
�-� Woods voiced concern about whether funding is available.
Upon Llewellyn's question, Jackson explained that the commitment
for the trade fair was for one year and then the city took it
over and then the amount was cut to $25, 000. He noted for
Johnson that if the EDC lets the Chamber know within a month if
they are interested in the project, a final budget could be
brought back within 60 days. Morgan and Houser spoke in support
of the project, and Ivanov agreed to come back within 30 days
with a detailed proposal for EDC's consideration. Johnson stated
that the Finance Director needs to be in attendance to give a
financial report.
There were no further comments and the meeting adjourned at 6:15
p.m.
Donna Swaw
Deputy City Clerk