KPLU Local News
(2010-02-05)
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SEATTLE, WA
(KPLU) -
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A civic-minded audience of nearly a thousand filled a ballroom at the Sheraton to hear the annual update on the State of Downtown Seattle. The report says nearly half of the city's employees work in the 11 neighborhoods comprising Seattle's core. And they contribute more than half the tax revenues in the city's general fund. With vacancies up and earnings down, Mayor Mike McGinn's message was dire: the outlook for city coffers isn't good.
"We're expecting probably a range of $5-10 million lower in 2010 than we budgeted for. And we're looking at $50 million - if not more - shortfall in 2011."
He says that means another 5% is missing from an already lean budget, and more cuts are imminent. The event's keynote speech came from Jeff Finkel of the International Economic Development Council in Washington DC. He says the only way to for cities to bring in more revenue these days is to compete with other regions for jobs in innovative sectors, such as global health. In theory, Seattle's in a good position to get a piece of that pie. But, with a marketing budget of just $25,000 last year, there's hardly a place in the country that has spent less on recruiting employers.
"In most cases, I could say, unless you re-double your efforts, but doubling of $25,000 a year doesn't get you very far. You need to think about where you're going to go with your economic development mission. How are you going to sell this community? You all know how important, how wonderful this city is, but does everybody else?"
It's a bit of a catch 22, given that money is so tight.
The Downtown Seattle Association says at a minimum, it's time to pool resources with other development agencies in Seattle and get more aggressive about marketing a city that's currently offering bargain basement prices on prime real estate. © Copyright 2012, KPLU
