Acting on recommendations from a result of a series of public meetings with citizens, business owners, community leaders, and experts on the economy, the Seattle City Council approved a resolution designed to ease the effects of the recession on residents and businesses, and to help promote the city’s economic recovery.

Introduced by the council’s Committee of the Whole on Economic Recovery May 11, the resolution outlines a range of strategies to provide relief to small businesses, support individuals affected by the economic recession, set priorities for city services, and achieve operational efficiencies.  

The resolution also calls for refining the mission of the city’s Office of Economic Development to improve Seattle’s overall business climate, reviewing the city’s taxes, fees and utility rates, and investing available resources in actions that will aid recovery.

“We are taking action to give a leg up to Seattle’s economy and position it for a strong recovery,” said Richard Conlin, council president and chair of the Economic Recovery Committee of the Whole. “We asked citizens, community and business leaders, and economic experts their opinions on what we need to do to make the economy work again.  From those conversations we identified a series of actions that will reduce the impact of the recession and position Seattle to jump-start the new, green economy.”

Some of the specific actions include using $5 million in federal stimulus monies to provide temporary assistance to people at risk of losing their housing, and exempting about 1,800 small businesses from paying B&O tax by increasing the revenue floor for paying the tax from $80,000 to $100,000 per year.  The council resolution also:

●  Designates the use of some Community Development Block Grant funds to increase loans to small businesses that have been unable to obtain credit elsewhere;

●  Directs the city’s Office of Economic Development to partner with neighborhood chambers to develop and promote a "Buy Local" campaign;

●  Provides for creating jobs as quickly as possible by continuing to identify shovel-ready projects from the Parks and Green Spaces Levy and other city capital plans.

“In times of crisis we need to act quickly and act smart," said Council member Sally Clark. "The steps we've outlined can lead to more jobs, and new jobs will be the foundation of our economic recovery."

Council member Jan Drago said, "Small businesses are the heart and soul of our city. The loan program that this legislation provides will give a much-needed boost to small business and help lead us out of the recession."

"This is a solid package that will assist the business climate in Seattle, and those most vulnerable to the economic downturn, while helping small businesses to stay viable," council member Nick Licata said.