Title
Olympia Strong Initiatives Potential Funding Sources Discussion
Recommended Action
Committee Recommendation:
Discussion only. No action requested.
City Manager Recommendation:
Discuss potential funding sources for Olympia Strong initiatives.
Report
Issue:
Whether to discuss potential funding sources for Olympia Strong initiatives.
Staff Contact:
Mike Reid, Economic Development Director, Office of Community Vitality, 360.753.8591
Presenter(s):
Mike Reid, Economic Development Director
Background and Analysis:
Like communities everywhere, Olympia emerged from the COVID-19 pandemic to an altered economic landscape and a clearer understanding of the barriers individuals and households face when seeking economic security. The City launched Olympia Strong in July of 2022 to better understand how community members hope to see our economy recover, evolve and grow in the years ahead, and how we can work with partners to create pathways that serve a broader cross-section of those that call Olympia home.
Staff presented the report to Council at the August 15, 2023. Staff committed to exploring ways to fund the implementation of the plan over the course of 2024.
To achieve full plan implementation including creating a funding source for capital acquisitions associated with acquiring properties to facilitate the continued development of affordable and workforce housing projects it is foreseeable that an annual budget for these efforts could range between $1-3 million annually. A more modest funding approach associated with prioritizing continuing existing programs beyond 2024 is estimated in the range $400,000 - $550,000 annually.
As a part of previously launched and funded efforts associated with pandemic economic recovery programming there is a significant body of work coming to conclusion that is consistent with the focus areas in Olympia Strong.
Staff will lead discussion on various options for funding future Olympia Strong Initiatives. Some po...
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