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HomeMy WebLinkAboutEconomic Development-Red Lines COMPREHENSIVE PLAN UPDATE 2024 1 Draft 3.0  Draft Revised: February 26, 2024 Economic Development Renton Comprehensive Plan Update  Element Policies Draft Draft #3.1: Updated: March 1, 2024 Summary of Updates Washinton State Law: ▪ N/A VISION 2050: ▪ Focus retention and recruitment efforts and activities to foster a positive business climate and diversify employment opportunities (emphasis on targeting locally-, women-, and minority-owned small businesses and start-ups, established and emerging industries that address climate change and resilience). ▪ Promote strategies and policies that expand access to opportunity and remove barriers for economically disconnected communities. ▪ Address and prevent potential physical, economic, and cultural displacement of existing businesses that may result from redevelopment and market pressure. ▪ Promote environmentally and socially responsible business practices, especially those addressing climate change, resilience, and improved health outcomes. ▪ 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. Element Review ▪ Economic Development ▪ COMPREHENSIVE PLAN UPDATE 2024 2 Draft 3.0  Draft Revised: February 26, 2024 Plans to be Adopted by Reference: ▪ Clean Economy Strategy 2.0 ▪ Renton Airport Compatible Land Use Program ▪ Downtown Civic Core Vision and Action Plan ▪ TOD Subarea Plan Revision Guide ▪ Added text ▪ Removed text ▪ Hyperlink ▪ To be updated ▪ The numbering system will be updated for the Planning Commission draft. Element Review ▪ Economic Development ▪ Discussion COMPREHENSIVE PLAN UPDATE 2024 3 Draft 3.0  Draft Revised: February 26, 2024 Discussion Table 1. Economic Development Discussion Review 2015 Text Draft Language Renton’s economic development promotes it as the progressive, opportunity-rich city in the Puget Sound region. Renton’s economic development policies encourage collaboration between the public and private sectors to ensure the long-term economic health of Renton and its residents. A healthy economy provides jobs and opportunity and helps pay for vital public services such as education, parks, transportation, police and fire protection, and human services. The policies encourage a mix of high-tech, creative jobs, as well as retail, service, and office uses that will result in a diversified employment base. The policies encourage high quality development necessary to sustain a high standard of living in Renton. A healthy economy provides jobs and opportunity and helps pay for vital public services such as education, parks, transportation, police and fire protection, and human services. Renton is an ‘s economic development promotes it as the progressive, opportunity-rich city in the Puget Sound region. The City’s Renton’s economic development policies encourage collaboration between the public and private sectors to ensure the long-term economic health of Renton and its residents and businesses. The policies encourage a mix of high-tech, creative jobs, as well as retail, service, and office uses that will result in a diversified employment base to support an economy for all people. Guided by the City’s Clean Economy Strategy, Renton aims to enhance environmental sustainability and prepare for climate change while maintaining and building a strong economy and providing local green jobs. The policies encourage high quality development necessary to sustain a high standard of living in Renton. Led by local companies such as Boeing and PACCAR Inc., Renton’s key industries are manufacturing, aerospace, destination retail, health care, professional services, professional sports, and technology. Commented [CS1]: Flagging comment from KBM - Renton’s identity is changing and we should reflect that here. Finance is working on an updated list of the top ten Renton employers. Will update when we have updated list. Element Review ▪ Economic Development ▪ Goals COMPREHENSIVE PLAN UPDATE 2024 4 Draft 3.0  Draft Revised: February 26, 2024 Goals Table 2. Goals Row # 2015 Goal Proposed Language Change Purpose or Rationale 1 ED-A: Promote and maintain diversified economic growth by utilizing resources and amenities to stimulate economic development while protecting quality of life through environmental sustainability and increased employment opportunities to ensure competitiveness in the market. ED-A: Promote and maintain diversified economic growth by utilizing resources and amenities to stimulate economic development while protecting quality of life and environmental health, including climate impacts. environmental sustainability and increased employment opportunities to ensure competitiveness in the market. ▪ Revised for clarity and to focus on one topic. 2 ED-B: Recruit and retain businesses to ensure a dynamic, diversified employment base. 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. Build a diverse economic industry base in areas of aerospace, healthcare, and creative industries (high-tech, design, software, local artisan, gaming, and architecture, etc.). ED-B: Recruit and retain businesses to ensure a dynamic, diversified, and growing base that provides employment opportunities for all to ensure competitiveness in the market. base. 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. Build a diverse economic industry base in areas of aerospace, healthcare, and creative industries (high-tech, design, software, local artisan, gaming, and architecture, etc.). ▪ Revised for clarity and to focus on one topic. 3 ED-X: 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. ▪ Revised for clarity and to focus on one topic. 4 ED-X: Focus efforts that expand access to economic opportunity and identify and remove barriers for economically disconnected communities. ▪ Added policy for consistency with PSRC VISION 2050 checklist. Element Review ▪ Economic Development ▪ Goals COMPREHENSIVE PLAN UPDATE 2024 5 Draft 3.0  Draft Revised: February 26, 2024 Row # 2015 Goal Proposed Language Change Purpose or Rationale 5 ED-C: Leverage public and private resources to focus development on targeted economic centers, in addition to industry clusters, and pursue transportation and other regional improvements and services that support and improve quality of life. Foster commercial and residential development, and cultivate optimism and focus towards redevelopment of public and private spaces throughout the City. ED-C: Leverage public and private resources partnerships to focus development on targeted economic centers, in addition to industry clusters, and pursue transportation and other regional improvements and services that support and improve quality of life for all people. Foster commercial and residential development, and cultivate optimism and focus towards redevelopment of public and private spaces throughout the City. ▪ Revised for clarity and to incorporate inclusive language. Element Review ▪ Economic Development ▪ Policies COMPREHENSIVE PLAN UPDATE 2024 6 Draft 3.0  Draft Revised: February 26, 2024 Policies Table 3. Policies Row # 2015 Policy Proposed Language Change Purpose or Rationale 1 Policy ED-1: Develop incentives for businesses to locate, stay, and expand within the City; provide incentives for economic development within the City’s Growth Center, neighborhood business districts, and commercial corridors. Policy ED-1: Develop incentives for businesses to locate, stay, and expand within the City,; particularly provide incentives for economic development within the City’s Growth Center, neighborhood business districts, and commercial corridors. ▪ Revised for consistency with PSRC VISION 2050 checklist. 2 -- Policy ED-X: 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. ▪ Added policy to address displacement and for consistency with PSRC VISION 2050 checklist. 3 -- Policy ED-X: 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. ▪ Added policy for consistency with PSRC VISION 2050 checklist. 4 Policy ED-2: Promote targeted local and regional industry cluster development: meet with top employers and key organizations to identify and discuss their future needs to determine how the City can assist them in being successful in expanding in Renton. Policy ED-2: Promote targeted local and regional industry cluster development: meet with top employers and key organizations to identify and discuss their future needs to determine how the City can assist them in being successful in expanding in Renton to create job opportunities for all community members. ▪ Revised to incorporate inclusive language. Element Review ▪ Economic Development ▪ Policies COMPREHENSIVE PLAN UPDATE 2024 7 Draft 3.0  Draft Revised: February 26, 2024 Row # 2015 Policy Proposed Language Change Purpose or Rationale 5 Policy ED-3: Foster communications with, and support for key local and regional economic foundations. Support partnerships between businesses, government, schools, and research institutions to implement economic development policies and promote workforce development programs. Policy ED-3: Foster communications with, and support for key local and regional economic foundations. Support partnerships between businesses, government, schools, and research institutions to implement economic development policies and promote expand access and opportunities for workforce development programs. ▪ Revised for clarity. 6 Policy ED-4: Develop a retail recruitment strategy with an emphasis on business district development. Policy ED-4: Develop a retail business recruitment strategy with an emphasis on business district development. ▪ Updated to reflect the City’s current strategy. 7 Policy ED-5: Implement strategies to foster and expand knowledge-based businesses, high profile companies, and locally owned startups. Policy ED-5: Implement strategies to support, recognize, empower, foster and expand knowledge- based businesses, high profile companies, and locally-, women-, and minority- owned businesses and startups. ▪ Revised for consistency with PSRC VISION 2050 checklist. 8 Policy ED-6: Ensure Renton’s Economic Development Element is consistent with countywide economic policies and strategies in accordance with relevant Countywide Planning Policies. Policy ED-6: Ensure Renton’s Economic Development Element is consistent with countywide economic policies and strategies in accordance with relevant Countywide Planning Policies. ▪ No change proposed. 9 Policy ED-7: Provide transparency, efficiency, and uniformity of City regulations, policies, and procedures. Allocate sufficient resources to process development projects quickly and professionally. Policy ED-7: Provide transparency, efficiency, and uniformity of City regulations, policies, and procedures. Allocate sufficient resources to process development projects quickly and professionally. ▪ No change proposed. 10 Policy ED-8: Define and develop Renton’s unique cultural, historic, recreational, educational, and environmental assets as important marketing and image-building tools of the City’s business districts and neighborhoods. Policy ED-8: Define and develop Leverage Renton’s unique cultural, historic, recreational, educational, and environmental assets as important marketing and image-building tools of the City’s business districts and neighborhoods. Updated to reflect current strategy Element Review ▪ Economic Development ▪ Policies COMPREHENSIVE PLAN UPDATE 2024 8 Draft 3.0  Draft Revised: February 26, 2024 Row # 2015 Policy Proposed Language Change Purpose or Rationale 11 Policy ED-9: Support Downtown Renton redevelopment by engaging Downtown stakeholders and business community members with efforts to implement the City Council’s priorities for the City Center Community Plan. Policy ED-9: Support Downtown Renton redevelopment by engaging Downtown stakeholders and business community members with efforts to implement the City Council’s priorities for the City Center Community Plan and Downtown Civic Core Vision and Action Plan. ▪ Revised to include newly adopted plans. 12 Policy ED-9: Promote incentives for multifamily development in Downtown. Work with prospective single-family and multifamily developers to facilitate new residential development with a diversity of housing types and price ranges to meet the needs of Renton citizens. Policy ED-9: Promote incentives for multiunitfamily development in the targeted growth areas of Renton Downtown. Work with prospective single-family and multifamily developers to facilitate new residential development with a diversity of housing types and price ranges to meet the needs of all Renton residents. citizens. ▪ Revised for clarity and to incorporate inclusive language. 13 Policy ED-11: Encourage growth that balances employment and housing opportunities within designated urban centers by promoting investment in mixed-use centers with compact urban development, specifically advocating for redevelopment and quality infill design that maximizes allowable density. Policy ED-11: Encourage growth that balances employment and housing opportunities within designated urban centers by promoting investment in mixed-use centers with compact urban development, specifically advocating for redevelopment and quality infill design that maximizes allowable density. ▪ No change proposed. 14 Policy ED-12: 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. Policy ED-12: 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. ▪ Policy removed; project largely complete. 15 Policy ED-13: Foster economic and employment growth by encouraging local investment, planning, and financial policies that advance the development of commercial, manufacturing, and industrial development centers. Policy ED-13: Foster economic and employment growth by encouraging local investment, planning, and financial policies that advance the development of commercial, manufacturing, and industrial development centers. ▪ No change proposed. Element Review ▪ Economic Development ▪ Policies COMPREHENSIVE PLAN UPDATE 2024 9 Draft 3.0  Draft Revised: February 26, 2024 Row # 2015 Policy Proposed Language Change Purpose or Rationale 16 Policy ED-14: Encourage investments that address future needs; focus investment in infrastructure and services in designated centers that align with the City’s projected population, housing, and job growth targets. Policy ED-14: Encourage investments that address future needs; fFocus investment in infrastructure and services in designated centers that align with the City’s projected population, housing, and job growth targets. ▪ Revised for clarity. 17 Policy ED-15: Implement the Renton Airport Compatible Land Use Program when guiding development within the Airport Influence Area. Policy ED-15: Implement the Renton Airport Compatible Land Use Program when guiding development within the Airport Influence Area. ▪ Policy removed; program implemented. 18 Policy ED-16: Further the provisions of Creating Renton’s Clean Economy. Attract low-carbon and clean-energy sectors and promote green job development. Encourage economic activity that is highly resource-efficient and minimizes the generation of waste and pollution. Policy ED-16: Further the provisions of Creating Renton’s Clean Economy. Strategy, including aAttracting low-carbon and clean-energy sectors, and promotinge green job development., and eEncouraginge economic activity that is highly resource-efficient and minimizes the generation of waste and pollution. ▪ Revised for clarity. 19 Policy ED-17: Promote the efficient use of services and resources, including conserving water and energy, reducing waste, and protecting resource lands. Work cooperatively with local businesses to help protect the natural environment in a manner that is efficient and predictable. Policy ED-17: Promote the efficient use of services and resources, especially those addressing climate change, resilience, and improved health outcomes including conserving water and energy, reducing waste, and protecting resource lands. Work cooperatively with local businesses to help protect the natural environment in a manner that is efficient and predictable. ▪ Revised for consistency with PSRC VISION 2050 checklist. ▪ Policy split for clarity. Policy ED-X: Promote the efficient use of services and resources, including conserving water and energy, reducing waste, and protecting resource lands. Work cooperatively with local businesses to help promote environmental and socially responsible business practices, including providing guidance and technical assistance. protect the natural environment in a manner that is efficient and predictable. ▪ Policy split for clarity. Element Review ▪ Economic Development ▪ Policies COMPREHENSIVE PLAN UPDATE 2024 10 Draft 3.0  Draft Revised: February 26, 2024 Row # 2015 Policy Proposed Language Change Purpose or Rationale 21 Policy ED-18: Provide peripheral support to community services to facilitate the growth of a regional food economy through the development and expansion of farmers’ markets, food co-ops, and community supported agriculture programs. Policy ED-18: Provide peripheral Support to community services to facilitate the growth of a regional food economy through the development and expansion of farmers’ markets, food co-ops, food halls, and community supported agriculture programs. ▪ Updated to reflect the City’s current strategy. 22 Policy ED-19: Support collaboration with the Renton Housing Authority to encourage economic development strategies that address disparities in income and employment opportunities for economically disadvantaged populations, including minorities and women. Policy ED-19: Support collaboration with community partners, such as the Renton Housing Authority, Renton Technical College, Renton School District, and Renton Chamber of Commerce, to encourage economic development strategies that address disparities in income and employment opportunities for economically disadvantaged and disconnected communities. populations, including minorities and women. ▪ Revised for consistency with PSRC VISION 2050 checklist. 23 Policy ED-20: Develop and promote local arts and culture programs, particularly by supporting the Renton Municipal Arts Commission. Encourage investments in creative industries and centers, bolster earned income for local attractions, and generate new tax revenues by attracting cultural tourists to the City while expanding cultural experiences for residents. Policy ED-20: Develop and promote local arts and culture programs, particularly by supporting the Renton Municipal Arts Commission. Encourage investments in creative industries and centers, bolster earned income for local attractions, and generate new tax revenues by attracting cultural tourists to the City while expanding cultural experiences for residents. ▪ No change proposed. 24 Policy ED-21: Identify and encourage the preservation of lands, sites, and structures that have historical, cultural, and/or archaeological significance. Policy ED-21: Identify and encourage the preservation of lands, sites, and structures that have historical, cultural, and/or archaeological significance. ▪ No change proposed. Element Review ▪ Economic Development ▪ Policies COMPREHENSIVE PLAN UPDATE 2024 11 Draft 3.0  Draft Revised: February 26, 2024 Row # 2015 Policy Proposed Language Change Purpose or Rationale 25 -- Policy ED-22: 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. ▪ Added policy for consistency with PSRC VISION 2050 checklist. 26 -- Policy ED-23: 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.