HomeMy WebLinkAboutEcon Devt Element Recording
Presented by: Paul Hintz, Principal Planner
Comprehensive Plan Elements
Economic Development
“Creating economic opportunity that promotes a prosperous and sustainable economy for all people”
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Economic Development – Summary of Updates
VISION 2050:
Focus retention and recruitment efforts and activities to diversify employment opportunities
Promote strategies and policies for economically disconnected communities.
Address and prevent potential physical, economic, and cultural displacement of existing businesses.
Promote environmentally and socially responsible business practices
Support, recognize, and empower the contributions of the region’s culturally and ethnically diverse communities, institutions, and Native Tribes.
King County Countywide Planning Policies:
Support the Regional Economic Strategy.
Support advanced manufacturing throughout the county.
Foster a supportive business environment for locally owned and women and minority owned businesses.
Reduce historic and ongoing disparities in income and employment opportunities for communities that have been economically disadvantaged.
Call for the development of a system that provides a safety net during economic downturns.
Prioritize a diversity of middle-wage jobs.
Encourage the public and private sectors to incorporate environmental stewardship and social responsibility into their practices.
The Economic Development Element is being reviewed for the following:
Consistency with the PSRC VISION 2050 checklist
Consistency with the King County Countywide Planning Policies
Equity
General language edits for clarity and consistency
Update specific project/plan names, dates, figures, naming conventions etc.
Incorporate inclusive language
Revise to focus goals and policies on one topic
Reduce redundancy in goals and policies
Revise to use active construction
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Economic Development – New Goals
Nurture entrepreneurship while fostering successful partnerships with business and community leaders. Invest in and grow workforce training and retraining opportunities to support targeted
local industry clusters.
Focus efforts that expand access to economic opportunity and identify and remove barriers for economically disconnected communities.
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Economic Development – New Policies
Added policies for consistency with PSRC VISION 2050 checklist:
Support and develop measures to reduce displacement of existing businesses in Renton. Strategies could include small business preservation programs offering technical assistance and
capacity-building services, preservation of existing affordable commercial spaces, create and foster new commercial spaces, business incubators, and other strategies.
Consistent with the Clean Economy Strategy 2.0, develop strategies to attract industries and businesses that address climate change and resilience and provide clean jobs.
Maintain participation in the Mainstreet Program and consider establishing a historic district as strategies to preserve affordable and smaller commercial spaces and prevent displacement
of existing businesses.
Support, recognize, and empower the contributions of Renton’s culturally and ethnically diverse communities, institutions, and Native Tribes. Strategies could include promoting community
events that celebrate different cultures, honoring traditional practices, encouraging business incubators to support business formation including BIPOC-owned businesses, or other strategies.
Added policy for consistency with PSRC VISION 2050 checklist.
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Economic Development – Removed Policies
Facilitate the Sunset Area Community Revitalization; engage with Renton Housing Authority and prospective developers to identify additional opportunities for the City to successfully
leverage capital investment in the Sunset Area.
Implement the Renton Airport Compatible Land Use Program when guiding development within the Airport Influence Area.
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Next Steps:
Public Hearing on May 1, 2024
www.rentonwa.gov/comprehensiveplan
Take the Survey!
Economic Development
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