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2019-03-20 Economic Development Commission Agenda'fl c. 189,J AGENDA Edmonds Economic Development Commission Edmonds City Hall Brackett Meeting Room, 121 5th Ave N Wednesday, March 20, 2019 6-8PM 6:00 P.M. - CALL TO ORDER Call to Order 1. Approval of Agenda 2. Approval of February 20, 2019 Meeting Summary 3. Audience Comments (3 minutes per person) 10 min. 4. Old Business: Finalize Priorities Memo for Council 15 min. 5. New Business: Leadership discussion 55 min. 6. Work -group updates — key focus of each group Outline goals and work steps to achieve them: Development Feasibility Arts/Tourism Business Attraction 20 min. 7. Liaison Updates (3 minutes per person) 20 min. 8. Roundtable Discussion (Council, Commissioners, City, Liaisons, 3 minutes per person) 9. Adjourn Next regular meeting: April 17, 2019, 6 PM CITY OF EDMONDS ECONOMIC DEVELOPMENT COMMISSION February 20, 2019 COMMISSIONERS PRESENT Mary Monroe, Chair Kimberly Koenig Darrol Haug Michael Schindler Kevin Harris Neil Tibbott, Councilmember, ex officio Phil Lovell, Planning Board, ex officio Greg Urban, Edmonds Chamber, ex officio COMMISSIONERS ABSENT: Nicole Hughes, Vice Chair (excused) Aseem Prakash Scott Merrick (excused) Jamie Reece (excused) Bruce Faires, Port Commissioner, ex-officio Guests: Bob McChesney, Port Executive Director STAFF PRESENT: Cindi Cruz, Program Coordinator Economic Development Commission meeting called to order by Mary 6:00 p.m. Absences: Nicole Hughes, Scott Merrick, Jamie Reece, Aseem Prakash, all excused for work. 1. Approval of Agenda: Kimberly moved to approve agenda, Darrol seconded motion passed. 2. Approval of 1/16/19 EDC Minutes: Kevin moved to approve minutes, Darrol seconded; motion passed. 3. Audience Comments: Three members of the public were present. Comments consisted of interest in what the Commission will be working on for the upcoming year. 4. New Business: Due to the potential loss of a quorum of members at 7 p.m. this item was postponed for work -group updates. 5. Work -group updates: Mary stated that a memo for Mayor and Council to present priorities for approval will be prepared in March or April. Priorities: Mary discussed priorities outlined in last meeting and thought most of the items could belong in the three other work -groups. A work -group could be created if needed depending on what subjects/projects may come up during the year. Parking issues and the Civic Field project will be ongoing, Creative District will have a steering committee created through a public process which may include an EDC member, and collaboration with outside groups such as Verdant, Swedish, Chamber, Port, EdCC with outreach to these various groups. Speakers could be invited to EDC meetings from these organizations. Darrol mentioned that discussion of a preservation zone or historic district in the downtown core should be focus of one of the groups. Phil stated that next Wednesday, February 27 is the first hearing on small cell installations at Planning Board. Microcell facilities will be placed 40-50 feet off the ground throughout the City. The FCC passed a regulation that municipalities must adopt regulations for small cell installations by 4/14. Greg asked about meeting mission of EDC and what to do regards to mission from CC/Mayor. Memo will help clarify. Development Feasibility: Darrol updated on issues of construction costs and when does a project pencil out, parking is part of the cost of developing (see attachment regarding parking requirements). DRAFT Meeting Summary Economic Development Commission February 20, 2019 Page 1 Arts/Tourism: Kimberly provided update; work -group is researching using trolley for waterfront shuttle, year round public market, informational marketing and signage on ferry lane in collaboration with Downtown Alliance. Ferry lane signage would be directing to a URL in right-of-way of ferry holding lanes. Amy Spain of the Snohomish County Tourism Bureau had met with Cindi today and reported on the opening of Paine Field for commercial flights in early March. Business Attraction: Kevin updated on the work -group meeting discussion of the list compiled at the January meeting. See attached graphics: relative project perception listing topics except for Creative District. Discussed NW Innovation Resource Center presentation at Economic Alliance of Sno Co forecast meeting earlier today. Mike mentioned WeWorks facilities office space for entrepreneurs looking for space. City fiber optic network potential was discussed. Committee will meet to narrow down their priorities and objectives by March meeting. Kimberly left meeting at 7 p.m. and meeting was adjourned due to lack of quorum. Adjourn at 7 p.m. Next regular meeting: March 20, 2019, 6 PM. DRAFT Minutes Economic Development Commission February 20, 2019 Page 2 Parking Requirements for Down Town Buildings Presented to Council by Darrol Haug (acting as a private citizen) The city has approved the 9-unit development in DT that does not have on site parking. Some have complained that such a development is not what Edmonds wants but here are some of the detailed estimates of the impact of 9 units with not parking or 6 units with onsite parking. The building cost for a unit will be about $200k. The land value must be spread across the build units so if the land value is in the $800k range then with 9 units the land cost for each is about $90k making to total unit cost of $290k. Spreading the $800k across 6 units will make the land cost for each of about $130k or a total cost of $330k. The added $40k will add to the rents needed to pencil the project. So, we would get 3 less units and the cost per unit will be greater. Doesn't help the affordability issue. If only 6 units are built, the developer may well charge a renter for parking further complicating the affordable issue. Let's look at parking. We will eventually come understanding that we can no longer give away the value of a parking space. It's free for 3 hours at a time and we have below market rates for selected people. Employee permits now number 531 and represent a cost of about 25 cents/day. We have 410 residential parking permits in 3 zones that represent a cost of about 7 cents a day. Turns out the area with the building of 9 units has the least of all residential parking permits. Blue zone has 178, the yellow zone has 164, and the red zone has 68. Garage parking cost about $40k per stall to build. Westgate is paying $49k for their underground stalls. The daily cost of a stall amortized over 20 years is more than $10/day. We give it away for 3-hour increments, 25 cents for employees, and 7 cents for residence. When we finally put a price on a parking stall that reflects the cost or the market value, the market will work itself out. I have not asked any building owner about charging for parking, but a google search showed the range of up to 300/month. That's about the cost to amortize a parking stall in a garage! The bottom line is someday we will have parking fees that reflect the market value or cost and these rates could be a benefit for city revenues. But in the future when we have set into motion market rate pricing of parking, we would love to have a builder "buy" or "rent" a stall from the city. Darrol Haug 2/20/2019 EDC: Business Attraction Committee — Relative Project Perception *, \ * Family Entertainment Satellite Office (high effort) * Small Business HQ * r * HPAthrare Innnvatinn Co -Working Space Sate I to Office (low effo t * On -Boarding Other for Discussion: - 5G Internet MakerSpace Business Exit Interview * IMPACT Draft- For Discussion Only - 2/11/2019 Process: Business Attraction Committee • Begin with SAP — augment ID Ideas/Goals • Discuss and map for 2019 perception on 'Impact/Effort' grid • Base criteria on Develop and rank EDC mission and 3-5 basic criteria agreed -to principles to assess each • Rank ideas idea/goal • Present to Commission Implement • Develop work steps • Assign responsibilities • Team efforts, not silos • Report Draft- For Discussion Only - 2/11/2019