OED Press Room

2009 Press Releases

City announces additional financing to help local businesses

Accepts $40 million federal New Markets Tax Credits

City Council president Richard Conlin signed legislation today authorizing the city's Office of Economic Development to accept an allocation of $40 million in federal New Markets Tax Credits (NMTCs).

"In this economic downturn, all businesses are having a hard time accessing capital, and we recognize that the growth of businesses is the key to achieving economic recovery," said Conlin. "This allocation gives the city another tool to directly help business and real estate projects in our community find funding that otherwise would not be available."

The NMTCs allocation is an important resource to help businesses and real estate projects access capital. These tax credits will help five to ten business and real estate projects attract outside investors to obtain financing which would otherwise not be available. Investors will be encouraged to invest because they will receive a credit against federal income taxes for making equity investments in low-income areas.

Click here to read the full press release.

For more information about the New Markets Tax Credits, the Grow Seattle Fund or the CDBG small business loan fund, please contact Ken Takahashi in the city's Office of Economic Development at 206-684-8378 or ken.takahashi@seattle.gov.

November 17, 2009

OED works on shopper retention in Southeast Seattle

The Office of Economic Development is working on a bright shopping future for Southeast Seattle. OED's soon to be released Southeast Retail Study, which examines shopping habits in the Rainier Valley, found that many potential customers are leaving the area to shop. Now, the city is studying ways to create a stronger mix of retail and services in the area.

Tina Vlasaty, OED's Business Development Manager, recently spoke with KING 5 News about the study and the office's work in Southeast Seattle.

Click here to view KING 5's coverage.

August 24, 2009

Mayor Kicks Off 2009 Summer Jobs Program

Mayor Greg Nickels announced today that funds from the Seattle Youth Violence Prevention Initiative will help the city put 650 young people to work this summer, engaging them in positive and productive jobs. This summer’s employment program will significantly increase the number of participating youth, up from 492 last summer.

“One of the best ways to reduce youth violence is to show our young people new opportunities and a bright future. The city’s summer jobs program will give hundreds of young people new skills and help put them on the right path,” said Nickels.

Click here to read the press release.

June 24, 2009

Mayor Announces Awards to Help 22 Neighborhood Business Districts City investments in Seattle neighborhoods help small businesses

Today Mayor Greg Nickels presented funding awards totaling $128,384 to 22 Neighborhood Business District Associations throughout Seattle to continue the city’s investments in building healthy communities and supporting our local economy. Some examples of the projects funded include creation of new business organizations, tourism initiatives, business district promotion (branding, marketing campaigns, farmers market start-up), and physical improvement and enhancement projects (leaf clean up, curb bulb landscaping and banners).

Click here to read the press release.

May 21, 2009

Mayor highlights McKinstry expansion; 500 new jobs expected

Mayor Greg Nickels presented McKinstry Company with a permit and approved plans for an expansion of its Georgetown facility in south Seattle. The company expects to hire an additional 500 people, a combination of professional and union craftsman, in the next two to three years. McKinstry is a construction and engineering firm, specializing in energy efficiency.

Click here to read the press release.

January 29, 2009