Resolution 6396 - Laserfiche WebLink

Page 5 of 19 • Organize communities in LINK light rail corridors and provide funding for technical assistance as they engage in corridor and station area planning • Document existing conditions in each corridor, providing data-based analyses • Develop a regional Analysis of Impediments(Al) and Fair Housing Action Plan • Develop several implementation tools to increase availability of affordable housing in corridors • Create unique visions and roles for light rail station areas • Invest in two catalytic demonstration projects to provide tangible examples and templates • Support legal research to explore revisions in state statutes and local regulations • Develop an innovative tool—"Decision Commons"—using data to help visualize,communicate, and analyze the benefits,costs, and implications of different development scenarios The region's economic strategy is built around the premise that thriving centers, a healthy environment, and support for existing communities are primary components of both overall economic well-being and to fulfilling the goals of VISION 2040. In July 2004, the central Puget Sound region formed the Prosperity Partnership—a coalition of government, business, labor and community organizations from King, Kitsap, Pierce, and Snohomish counties dedicated to developing and implementing a common economic strategy.The goal of the Partnership is two-fold: long-term economic prosperity for the central Puget Sound region and jobs for its region's residents. Since its launch,the Prosperity Partnership has grown to include over 300 organizations.These partners recognize that the region's economic health is at risk. In the emerging global economy, many of the world's most prominent companies can be headquartered anywhere on the globe. Businesses will locate where there is a high quality of life,good schools, efficient transportation, affordable housing, and supportive government policies.The central Puget Sound region has the building blocks to create a strong, globally oriented and sustainable economic agenda that contributes to local prosperity without deteriorating the resources and the quality of life on which our economic growth depends. One of the core functions of the Prosperity Partnership is to develop and implement a strategy to grow our economy and ensure long-term prosperity for the region's residents. The current Regional Economic Strategy-which focuses the region's economic development efforts on seven clusters and six economic foundations-was based on a 2005 comprehensive analysis of the region's economy and competitive advantages. With the dynamism of both the regional and national economy-and the significant changes due to the current economic downturn-the time is right to re- examine the regional economy and develop a new strategy for future growth. The Prosperity Partnership has begun a"zero-base" review of regional economic data to find out where the region's economy and its leading industry clusters stand in relation to the national average.Analysis of this data, along with outreach to the broad network of regional stakeholders,will be carefully coordinated with and integrated into work to implement the Growing Transit Communities program. Commitment to the development of three light rail corridors is a fundamental investment in the region's future.The significant share of growth that will be focused in designated centers along these corridors will advance a closer balance between jobs and housing, and encourage more compact development patterns. Development of light rail represents a regional commitment of approximately$15 billion (2008 dollars)in capital costs through the year 2025. These investments are a generational opportunity to shape the region's urban form and better ensure transportation improvements truly benefit people. Over the next 10 to 20 years, as many as 100 new transit stations will be constructed throughout all parts of the region, associated with bus rapid transit, additional light rail, and streetcar projects in as many as 25 additional high capacity transit corridors.The Consortium intends to conduct future phases of the Growing Transit Communities project to apply lessons learned through the activities funded through this grant to other parts of the region. Page 5 Cooperative Agreement Instrument No.WARIP0042-10