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Joe Mirabella, Director of Communications

Seattle receives $28 million New Markets Tax Credits

Mayor Ed Murray announced today that the city's Office of Economic Development has received a $28 million New Markets Tax Credit allocation from the US Department of Treasury Community Development Financial Institutions Fund (CDFI) to leverage additional financing in projects located in under-invested communities in Seattle.

"This allocation gives the city an additional tool to work with developers to bring community benefit to neighborhoods in Seattle," said Mayor Ed Murray. "These tax credits will help spur additional private investment in neighborhoods that haven't seen much investment since the recession. My appreciation goes out to Senators Maria Cantwell and Patty Murray for their ongoing support of this tax credit program and the city's economic development work." 

New Markets Tax Credits ("NMTCs") attract private investment to important projects benefitting low-income neighborhoods. These developments and business expansions create healthy, vibrant, mixed-income neighborhoods, and provide residents with job opportunities, quality health care and human services, arts and cultural opportunities, and affordable housing. 

"We work hard to ensure that NMTC projects create good paying jobs for Seattle residents," said Councilmember Sally J. Clark, chair of the Committee on Housing Affordability, Human Services, and Economic Resiliency Committee, and co-chair of the Seattle Investment Fund LLC. "Projects like Stadium Place, Retail Lockbox and INSCAPE have put people to work and benefited Pioneer Square, South Downtown and the Central Area. I look forward to expanding these benefits to our city with additional projects thanks to this new allocation."

Full Press Release here.

June 11, 2014

Mayor announces Only in Seattle $2 million investment in neighborhood business districts.

Mayor Murray joined neighborhood business district leaders and local business owners in Seattle's Ballard business district to announce a $2 million investment in 18 neighborhood business districts as part of the Only in Seattle Initiative. 

"This investment in neighborhood business districts is critical to our city," said Mayor Murray. "Healthy business districts equate to thriving businesses, stable jobs and overall success for our city."

Small businesses employ 72 percent of Seattle's workforce and contribute 35 percent of the city's business tax revenues, totaling $55.4 million. Our local neighborhood business districts serve as the location and incubators for many of the city's small businesses. 

"The Only in Seattle Initiative is a great complement to the city's neighborhood planning efforts that have happened throughout the years," said Seattle City Councilmember Sally J. Clark, chair of the Committee on Housing Affordability, Human Services, and Economic Resiliency. "These investments help the major players in neighborhood business districts execute concrete steps towards a common vision."

Full Press Release here. 

April 1, 2014 

Mayor recognizes Zombie Orpheus Entertainment for their innovative business model, commitment and engagement of their audience, and their support of Seattle's local film industry

Mayor Mike McGinn recognized Zombie Orpheus Entertainment for their innovative business model, commitment and engagement of their audience, and their support of Seattle's local film industry. 

Zombie Orpheus Entertainment (ZOE) is a local multimedia production company dedicated to developing and producing fantasy, science fiction, and horror films that are accessible to all audiences. They strive to produce fun and original shows while creating a long-term sustainable film community with monthly production, able to pay cast and crews livable wages. 

As an independent production company, ZOE utilizes alternative methods of funding for their productions, opting to crowdfund projects through Kickstarter. In doing so, they have grown their business every year by giving fans control over the direction and success of their shows, such as JourneyQuest and The Gamers Trilogy. 

Full Press Release here.

October 31, 2014

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