HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 04/03/1986 (3) CITY OF KENT
ECONOMIC DEVELOPMENT CORPORATION
REGULAR MEETING
April 3, 1986
The regular meeting of the Kent Economic Development Corporation was called to
order by Chairman Tim Leahy at 7:30 a.m.
Present: BOARD MEMBERS: Tim Leahy, Chairman of the Board
Leo Powers
Walt Ramsey
OFFICERS: Steve DiJulio, General Counsel
Marie Jensen, Secretary of the Board
Tony McCarthy, Treasurer
MINUTES OF FEBRUARY 6, 1986
Ramsey moved to approve the minutes of the Regular Meeting of February 6,
1986. Powers seconded, and the motion carried.
BUSINESS AND INDUSTRY SHOW
Powers moved to approve $3,000 for cosponsorship of the 1986 Business and
Industry Show. Leahy seconded, and the motion carried.
SEATTLE/KING COUNTY NEWS BUREAU
• A letter from Seattle/King County News Bureau has been distributed, and
DiJulio recommended that this board not contribute toward the formation of
this bureau. No action was taken.
MEMBERS AND MEETING TIME
DiJulio noted that he had talked to Council President Jim White and suggested
that discussion on establishing a new meeting time be delayed until the new
members of the Board have been appointed.
TREASURER'S REPORT
McCarthy distributed a statement showing the financial status of the
Corporation through February 28, 1986. He noted that $20,000 is invested and
$2,000 is held in ready funds. The revenues are derived from four sources:
the application fees, the administrative fees, personal service fees, and
interest. The accrued interest is shown on the balance sheet.
The law has changed as to the amount which may be charged in administrative
fees, and DiJulio noted that instead of 2/10 of one percent of the debt
service, the amount now allowed would be 1/8 of one percent (.125) of the
outstanding principal . The trustees of the issues will be asked to provi�e
this corporation with information on the outstanding principal balance an to
provide the amortization schedule to the corporation.
Bills for City services for the issues which closed in December will be sent
soon by the Attorney's Office. Expenses include participation in Seattle/King
County Economic Development Council for 1985 and 1986, the Business and
Industry Show for 1985 and 1986, and promotion expenses including the National
League of Cities meeting in Seattle in 1985. Net income for 1986 is estimated
to be $6,000 which combined with the current balance of approximately $22,000
puts the corporation in good shape. Expenses for 1986 are anticipated to be
$16,000.
McCarthy noted that liability insurance would be $5,000 for 1986 as compared
with $750 for 1985. The insurance coverage will be maintained, however.
NEWS ITEM.
Steve DiJ ulio distributed a newsletter from the Seattle/King County Economic
Development Council and a summary from this week's Nations Cities Weekly
comparing the tax proposals under consideration in Washington, D.C. including
small issues IDBs.
It was noted that no new applications have been received by this Corporation.
Under the present tax proposals any new application would be convertible from
tax-free to taxable in case the bill becomes law.
Upon McCarthy's question, DiJulio noted that refunding was a possibility but
that most of these were floating rate issues. Correspondence from Bill Tonkin
of Roberts & Shefelman has been received regarding the Cascade Development
project. Tonkin noted that Sea-First is the remarketing agent for the bonds
• and had reported difficulty in remarketing the bonds because of provisions for
restricting the interest rate to a rate of between 80 and 100 percent of the
floating rate index. For this reason, Cascade may come back to the board for
authorization to modify.
The meeting was adjourned at 7:55 a.m.
SECRETARY OF THE BOARD
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■ Seattle•King County
— . AtA A �01r.
Economic Development
C3 `° Council
For Economic Developme Vol. 1 No. 9
r'AAR 2 4 1986 March 1986
f
Higher education d-- mtra-fining- i`a-`the subject of the
Seattle-Ring County Economic Development Council 's
Economic Update Luncheon being held at 11 :45 a.m. ,
Economic Friday, March 28th.
Update The Washington Roundtable' s recent work on improving the
Set state's higher education system and the Seattle-Ring
For County Private Industry Council's methods of forecasting
This business training needs are the specific issues that will
Friday be aired.
The one-hour program will feature Martha Darling and Joe
Taller from the Washington Roundtable, and the
Seattle-Ring County Private Industry Council 's Executive
Director Al Starr.
The Economic Update will be followed immediately by a
meeting of the EDC' s Board of Directors.
Location for both the Economic Update and the Board
meeting is the Washington Society of CPA 's Learning
Center, 902 - 140th Avenue N.E. , Bellevue. EDC members
and guests planning to attend are urged to make luncheon
reservations by calling 447-0132 by noon, Wednesday,
March 25th. Lunch costs $6.25 per person.
Since it was organized in late 1984, the Seattle-Ring
County Economic Development Council has been going
through an evolutionary process. As it began its second
year of operations in 1986, the new EDC became a
membership organization.
At its March 28th meeting, the Board of Directors is
New expected to take another step in this process of local
Bylaws coaltion building by calling for the creation of three
Go EDC Local Task Forces--Seattle & North Ring County; South
TO Ring County; and the Eastside.
Board Under proposed new bylaws, the EDC's Board of Directors
of will be increased in size by two positions (for a total
Directors of 34) ; the membership will be granted the power to fill
through election the private sector positions on the
Board; five permanent standing committees of the Board
are established.
They are: Administration-Membership; Business
Development; Public Policy & Facilities; Education &
Employment; and Executive.
The proposed changes are the product of two months of
work by the Board Development Committee chaired by
Charles V. "Tom" Gibbs. Members of the committee were:
• Tukwila Mayor Gary Van Dusen; King County Councilmember
Paul Barden; Phyllis Lamphere; Neil McReynolds; Art Day;
and Don Cowles.
,y
Business Help Hotline advertisements are now running on
local radio and television stations. Local broadcasters
are donating time slots to run the spots, which were
produced by the Creative Services arm of Puget Sound
Business Power & Light Company's Corporation Communications
Help Department.
Hotline The Business Help Hotline, 447-HELP, is a one-call
Subject source of all information and assistance that is
Of available to local businesses from local state and
Television federal agencies in King County. Callers reach the EDC s
& Radio Business Help Center , which operates as a case management
Campaign and referral system.
The two 30-second spots were produced at an
out-of-pocket cost of about_ $6,000 to Puget-Power.- A
mummy=in-a=tomb and -a businessman boxed in by a brickwall
were sets built especiallX for the public service
announcements. A 30-second radio spot was also produced.
Working on the project at Puget Power were: Tom
Cathcart, producer/director; Fred Boor, videographer;
George Rose and Julie Springer, creative set design; and
Phil Shallot and Bob Wright, acting talent.
"Donation of this production work by Puget Power and time
slots by local broadcasters to market services available
to businesses is another example that our public-private
partnership is working," says Penny Peabody, EDC
• Executive Director.
A consulting team led by URS Corporation is now helping
the King County Permit Process Review Panel come up with
a plan to improve the efficiency and effectiveness of
county government' s land use regulatory system.
The 38-member panel was recruited by Seattle-King
County Economic Development Council Chair John W. Ellis.
It is being chaired by Jim Fitzgerald, president of the
Permit Bellevue-based Quadrant Corp. _
Review King County Executive Tim Hill, Ellis, and
Panel Fitzgerald introduced the panel to the news media at an
Hard opening session on Feb. ZSth. "We've been studying this
Ha
Ha problem for years, " said Hill. "Now is time to do
At Work something about it. "
The EDC panel is holding working sessions with the
consulting team about every other week in a fast-track
project that must be completed by early summer. Hill
wants to be able to fold any required organizational and
funding changes into his first budget recommendations to
the Ring County Council.
The link between economic development and permitting
processes was made by King County businesses last summer
in the EDC' s business survey project.
•
May is emerging as an important month for recognizing
and understanding the dynamics of the Seattle-King County
business community.
The week of May 18 through 24 is Small Business Week,
which will see numerous community-based events honoring
the role of small businesses in our economy.
Small Isiah Turner, Employment Security Commissioner, recently
Business issued a report that underscores the importance of small
Week business in Washington. Employment in the state advanced
Events by 21 percent between 1976 and 1982. Small business
Set provided 40 percent of the 1976 employment base, but was
responsible for 61 percent of the net employment growth
experienced by 1982.
A full schedule of events is planned for this year's
Small Business Week, including a two-day Business Fair at
Seattle Center and all-day workshop at the Sea-Tac Red
Lion that will give small businesses the chance to meet
large company purchasing agents.
For complete information on Small Business Week call
Cebe Wallace at the Seattle office of the U.S. Small
Business Administration at 442-8403.
Also during that week, on May 20 and 21 , the
E%PORT-IMPORT 186 Exposition & Conference will be held at
the Sea-Tac Red Lion. The event, sponsored by the
Washington State International Trade Fair, gives
businesses an opportunity to find many international
trade services gathered under one roof. Purpose is to
Governor expand export-import activity.
Gardner Exhibitors will include: ports, freight forwarders,
To custom house brokers, finance and insurance companies,
Honor export management companies, export trading companies,
Export- trade developers, training and technical services, and
Import legal, tax and accounting services.
Businesses Twenty-four workshops will be held over the two-day
event and Gov. Booth Gardner will close E%PORT-IMPORT '86
with an awards dinner on the evening of May 21 .
The Seattle-King County Economic Development Council is
looking for local companies that might be worthy
receipants of those awards. The Governor will be
recognizing manufacturering; service; and forest
products-agricultural companies involved in exporting and
importing. Award application information is available by
calling the EDC's David Bell at 447-0132.
For conference and exhibitor information contact
Stephanie Barton, Washington State International Trade
Fair, 3501 First Interstate Center, 999 Third Ave. ,
Seattle, WA. , or call 682-6900.
•
During the week of May 25 to 31 , the Seattle-King Count.
Economic Development Council is going to culminate its "
initial work with the nearly 700 companies that were
identified by David Birch as "rapidly growing. "
Birch, who heads M. I.T. ' s Program on Neighborhood and
EDC Regional Change, has been working as a consultant to the
'Rapidly EDC since last fall. He has targeted "rapidly growing"
Growing' companies measured by their ability to contribute to
Companies local employment.
Week The biases of looking at companies from the view of
Wraps absolute growth, which favors larger companies, or from
UP percentage growth, which favors small businesses, are
May's avoided using Birch's method. (Absolute growth is
Events multiplied by percentage growth and expressed in a
ratio. )
This has allowed the EDC to focus on the 15 percent of
King County's businesses that are providing about 90
--- - -- - percent- of this- area- -s-net-- - employment growth. ----The -- - -
rapidly growing companies are now the target of a
marketing program to offer to them the full range of
employment training, financial, expansion-relocation, and
other services that the EDC coalition makes available.
During the final week in May, cities and King County
are being asked to participate in the EDC's celebration
of "Rapidly Growing Companies Week. " A variety of events
are being planned and will be outlined in April 's issue
of "Strategies."
"The Directory: A Guide For Providers of Business
Services" has been published by the Seattle-King County
Economic Development Council. "The purpose of 'The
Helpful Directory is to give business service providers an
Source overview of the programs available in Seattle-King County
For along with lists of contacts, " says Peter J. Nichols, EDC
Business Business Assistance Manager.
Service Nichols says "The Directory" should be of value to
Providers Chambers of Commerce, trade associations, government
Published officials, and others who field questions from area
By EDC businesses about available services. -- Copies, which will
be periodically updated, are available from the EDC for
$20.
"Strategies for Economic Development" is published
monthly by the Seattle-King County Economic Development
Council. It is prepared with funds made available under
the Job Training Partnership Act (JTPA) by the
Seattle-King County Private Industry Council.
PUBLISHER: PENNY PEABODY EDITOR: DAN FLYNN
•
rrrr Seattle-King County 1520 One Union Square
rrrrr
rrrrr Economic Development Seattle, Washington 98101
ir r r r r Council 206-447-0132
rrrr
— Nation's Cities Weekly 'March 24, 1986
Comparison of Rost 4ic 1 * Durenberger
Abgty 3' V
PeeIDurenberger
Current Law 3838) ;' ?y'. (Senate staff ptupaeal) (S 2166)
:- �-
General Obligation, Revenue, Tax-exmpt Taxable if more tfiairi ; Taxable if more thaA i Tax-exempt
and Tax Assessment Bond 10% benefits a-ktorr(_ ; ' In benefitb or is
mm '
(Governmental) goveremtaY,pgr," secured by a non-
-or exoem s,dybr $1 ''' -r"governmental person, and
million ih benefitg taxable retroactively ,
not under stabg volume `under•the minfnhmm'tax
rap
Airports, Docks, and Wharves Tax-exempt Tax exe�ty i%f$ned as Tax-exempt if government Tax-exert
"nar-essential". owned, defined as
"non-governmental"
Water, Sewer, and,Solid Tax-exempt Tax-exempt if under Tax-exempt if government Tax-exempt, defined
'.Waste the volume cap, owned and regulated, as "governmental" as
defined as "norm- defined as "non- long as services
essential" governmental" §enerally available
to the public
Local Electric and Gas, Tax-exempt Taxable Tax-exempt if under Tax--exempt under
Systems Furnishing state volume cap, defined volume cap
as "non-goverrrnartal"
Multifamily Rental ddousinq Tax-exempt Tax-exempt, targeted Tax-exempt if under Tax-exeepte targeted, -
Bbtds defined an "And- state volume cap, defined defined as govern-
essential," c as "norwgovenmental" mental
le Fa*ily Mortgage Revenue Tax-exempt, Tax-exempt if under Tax-exempt under separate T-L—empt, targeted,
BatdB capped, sunseted the volume c:ap,sunseted volume carp, sunset under "quadi-
r December 31, 1987 December 31, 1987 repealed goverrmentaP volume
cap, sunset repealed
smart Isomre Ines. Tax-exempt, Tax-exempt, cmpprd, Tax-exempt, capped, Tax,-exempt, targeted,
capW, sunset sunset re;reaalsd sunset deferred until capped, sunset
��� except for December 31, 1988 repealed
manufacturing
December 31, 1986
t Mirinum Tax Not applicable Applies to nor- Applies to all municipal not,applicable
r" estertial bonds J 11, 11986 newly issued -- after i bands j
ust
afterJanuary 1, 1987
Tax Ineremimit Financing Tax-exempt Taxable, retroactively Similar to theL Banee Bill Tax-exempt, subject to
_ in some cases, unless new rules on designation
for
'•�,r.'�;'�ii#+�'b"al�;�r,=,yt}'+i� :-r�,,�r'+�;'.ay�•��etJvit��t �' +
•- restricteA areas under erase
cap
Sports Facilities Tax-exempt Taxable Taxable - Tax-exempt if g.o or
revenue bond, otherwise
taxable
Coventiort or Trade Facitilies Tax-exempt Taxable Taxable Tax-exempt,if g.o, or
revenue bond, otherwise
taxable
Mass Transportation Facilities, Tax-exempt Similar bo 6urrentJaw Taxable Tax-exempt,if g,o, or
" revenue bard, otherwise
tax-exempt as "quasi-
s�Y. *•' „� governmental"
kinq Fabilities Tax-exempt Taxable n,; Taxable Tax-exempt if g.o. or
revenue bad, otherwise
r.� taxable
District Beatinq or Cooling - Tax—enpt Taxable-" Taxable Tax-exempt under volume
cap _
06ustrial Park Tax-exempt Taxable Taxable Tax-exempt under volume
- C21P
Student Loan Bonds Tax-ex®pt Tax-exempt under Tax-exempt under Tax-exempt under volume
volume cap volume cap cap
501(c)(3) Bads Tax-exempt Tax-exempt, modified" Tax-exempt, modified Tax-exempt, modified,
capper capped
State and Local Taxes
Property Deductible Deductible Deductible WA (Durenberger.opposes
t any repeal of '
deductibilityi
Sales Deductible Deductible Not deductible
Inoome Deductible Deductible Partially deductible f'
Personal Property Deductible Deductible Not deductible '
Municipal Tax Reportinq No such mandate Mandated for all
Mandate cities and towns
effective January,
1987'
Rehabilitation Tax Credit Yes Yes Yes -
Historic Tax Credit Yes Yes Yea
Jan. 1, 1987. been difficult to sell. Under the revised statement on the postponed sale of$450
Under the earlier proposal,bonds pur- proposal, no borid is protected. million of general obligation bonds said,