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City of Seattle

City of Seattle. Recovery of the Rainier Valley NCDA June 2007. Rainier Valley. 60% low / moderate income households 40% foreign-born 82% non-Caucasian 15% of students passed W.A.S.L. Seattle CDBG $35 M. Seattle GF $7.8 M. King County & Sound Transit $7.2 M.

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City of Seattle

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  1. City of Seattle Recovery of the Rainier Valley NCDA June 2007

  2. Rainier Valley • 60% low / moderate income households • 40% foreign-born • 82% non-Caucasian • 15% of students passed W.A.S.L.

  3. Seattle CDBG $35 M Seattle GF $7.8 M King County & Sound Transit $7.2 M Office of Economic Development • Rainier Valley Community • Development Fund • CBDO • Mitigate Construction Disruption • Invest for Development

  4. RVCDF Products • Supplemental Mitigation • Business Interruption Payments • cover loss of revenue due to construction activity • Business Re-establishment Payments • permanent relocation

  5. RVCDF Products • Business Incentives • Business Expansion Loan • lower rates, longer amortization • Interest Subsidy Grants • weak credit histories, limited collateral • ½ of interest on CDFI loan

  6. RVCDF Products • Real Estate Development • Real Estate Financing • Gap financing • low rates, longer amortization • CDF participates in cash flow • Site Assembly • ease carrying costs

  7. Supplemental Mitigation(March 2007) • 292 Total eligible businesses • 159 received financial assistance • 52 chose not to apply • 38 moved / closed (no assistance) • 2 applications in process • $9.67 M approved

  8. Supplemental Mitigation • Chuy El Mexicano • Since 1999 • Placed in storage for 2 years; relocated • Before relocation, 2002, $182,000 in gross sales • $127,000 in relocation / re-establishment costs (tenant improvements) • $70,000 business interruption payments • $50,000 loan assisted with interest subsidy

  9. Supplemental Mitigation • Express Tires • Five employees • Gross revenues $800,000 down to $500,000 • Construction of large retaining wall cut access down to one driveway (out of three) for a two-year period • $53,000 in business interruption payments

  10. Development Financing • $1.2M site assembly loan completed • 75 apartments above 7,500 square feet of retail, and 9 townhomes by 2009 • $2M development loan in process

  11. Lessons Learned • Partners need to understand CDBG regulations

  12. Seattle CDBG $35 M Seattle GF $7.8 M King County & Sound Transit $7.2 M Office of Economic Development • Rainier Valley Community • Development Fund • CBDO • Mitigate Construction Disruption • Invest for Development

  13. Lessons Learned • Partners need to understand CDBG regulations • Concentrate NRSA resources into one area to make a big difference

  14. Resources • www.rvcdf.org • www.soundtransit.org • www.seattle.gov/humanservices • www.seattle.gov/economicdevelopment • michael.look@seattle.gov • 206-615-1717

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