2016/10/26 Council Minutes - Laserfiche WebLink

October 26, 2016 After a brief slow-down, the 10,000-square-foot Farms & Market at Potala Place is back on track, with tenant improvements beginning in January. Choux Choux Bakery opened on the ground floor in September, and several other tenants are in lease negotiations. We are thrilled to welcome Funko to Wetmore Avenue and are looking forward to the energy and creativity they'll bring to the downtown. Funko is a national leader in toy production, with over $20 million in annual sales revenue. They will move 150 employees to the new Everett headquarters by January 2017. The beautiful Marriott Hotel just behind us is set to open within weeks, adding another option for business travelers and visitors. On the east side of our commercial core, the Holiday Inn is undergoing a complete renovation that will be completed in early 2017. To the north, the Red Lion Inn has also been completely remodeled, and will reopen early next year. Having a wide range of hotel options close to downtown is vital for businesses and the events center, which has brought several major conferences and national events to Everett this year. In southwest Everett, our aerospace, technology and manufacturing companies continue to propel our economy forward. The Boeing Company, which celebrated 100 years this summer, opened the new Composite Wing Center in June, a $1 billion, 1.3 million-square- foot facility where workers will build carbon-fiber wings for the 777X jetliner. Everett's first Fortune 500 company, Fortive, opened for business in July. And, after far too many years, we will finally see commercial air service beginning at Paine Field next year. With nearly 200,000 vehicles now traveling on 1-5 through Everett every day, I know that our citizens and workers will be grateful to have an air-travel option close to home. FINANCIAL OUTLOOK All of this development activity and new business in Everett has translated into increased resources for the City. General government revenues are 339