Title
Review the Economy Chapter of Proposed Comprehensive Plan and Consider Amendments to Implement the Investment Strategy: Olympia Opportunity Areas report
Recommended Action
City Manager Recommendation:
Consider the Economy Chapter of the proposed Comprehensive Plan from the perspective of the Investment Strategy and provide recommendations for Council consideration prior to approval of a public hearing draft of the updated Comprehensive Plan.
Report
Issue:
The City has taken a more active role in economic development over the past two years and should review the Economy Chapter of the proposed Comprehensive Plan for consistency with these efforts.
Staff Contact:
Keith Stahley, Director Community Planning and Development Department 360.753.8227
Presenter(s):
Keith Stahley, Director Community Planning and Development Department
Background and Analysis:
The City added an Economy Chapter to the Comprehensive Plan in 2007 with the addition of the Sustainable Economy Chapter. Since that time, there have been many changes in our global, national, state and local economy as well as changes in the City's approach to economic development. As part of the City's consideration of the creation of a Community Renewal Area in Olympia, the City hired ECONorthwest an economics and planning firm to assist in the preparation of a Community Renewal Area (CRA) Plan. The first component of this planning process was an area-wide scan of economic development opportunity areas. These efforts were summarized in the attached report titled Investment Strategies: City of Olympia Opportunity Areas.
This report identified six opportunity areas including the former K-Mart site at the corner of Sleater Kinney and Martin Way, the area around the I - 5/Pacific Avenue, downtown, the area around the intersection of Division Street and Harrison Avenue, the area around Kaiser Road and Harrison Avenue and the area around the former City landfill.
The report also provides an overview of market conditions and factors that will influence future development opportunities as well as providing possible next steps for Council's consideration. A more focused report known as the Downtown Olympia CRA Feasibility Study was also prepared and provides economic development information and recommendations specific to downtown and the creation of a CRA. This report is included as Attachment 3.
The Economy Chapter of the proposed Comprehensive Plan was drafted prior to the creation of the Investment Strategies report. While the Economy Chapter as drafted provides general objectives for economic development it does not include any specific recommendations regarding the Investment Strategy or the Feasibility Report.
The Investment Strategy Report recommends that the City should proactively:
Review changing market dynamics to identify new barriers and opportunities to allow the City to invest in the most market-feasible projects.
Develop relationships with property owners and other stakeholders to learn about their interests and short-term and long-term development goals. Given the barriers to development described in the report, the City will need to establish new partnerships with property owners and developers if it wishes to achieve development in the opportunity areas that is compatible with the City's Comprehensive Plan. Community and neighborhood stakeholders are also critical to this process.
Continue and improve community conversations to better clarify and articulate desired development outcomes and coordinate stakeholders' visions for development. This work would help to refine the City's policy goals for the opportunity areas and other areas through the comprehensive planning process. Given long-term demographic shifts, the City should support higher density, infill development to achieve multiple public policy goals.
Take advantage of opportunities when they present themselves, which may mean that the City would focus on new opportunity areas, or move forward with actions in existing opportunity areas ahead of schedule.
Coordinate funding opportunities with other public stakeholders (the County, transit agency, the Port of Olympia, the State of Washington, others) with the City's CFP for major infrastructure investments that move the implementation forward.
Coordinate with planning and implementation in key opportunity areas. Some initial steps toward implementation are already underway, including the Martin Way Corridor Study and the Comprehensive Plan update. The Martin Way Corridor Study is evaluating infrastructure investments that can improve access and safety for all transportation modes, and spur higher density development. The City could consider combining subarea planning efforts with the comprehensive planning process for the Kaiser/Harrison and Division/Harrison areas.
A draft of the Economy Chapter is included as Attachment 1 with highlighted text inserted. This text is intended to implement the Investment Strategy and Feasibility Report.
Options:
1. Provide feedback and direction to staff regarding the Committee's interest in working to better integrate the Investment Strategies and Feasibility Reports into the proposed Comprehensive Plan.
2. Receive the report and take no further action on the Economy Chapter of the Comprehensive Plan.
Financial Impact:
No financial impact.