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8. Tourism promotion. <br /> 9. Medical development. <br /> 10. International trade. <br /> 11. Annexations. <br /> Organization for Community Development/Formation of Development Corporations <br /> Recommendation -- form a private, non-profit corporation for the purpose of <br /> coordinating and focusing all available energy toward the successful completion of <br /> the top priority projects. While benefitting from certain federal tax exemption, <br /> the corporation would play various roles in project implementation. <br /> 1. Catalyst. <br /> 2. Developer. <br /> 3. Fund raiser. <br /> 4. Advisor. <br /> 5. Leadership. <br /> Recommendation -- creation of a public development authority as a corollary or <br /> subsidiary of the non-profit development corporation. Overlapping boards would <br /> provide some significant opportunities to develop certain authorized projects at tax <br /> exempt rates and could also, in proper circumstances, mortgage certain properties <br /> for additional financing without adversely impacting local property tax payers. <br /> Other suggestions: <br /> 1. Overlapping boards. <br /> 2. Common staff. <br /> 3. Public and private membership. <br /> 4. Operating budget shared by City, Port and private sector. <br /> 5. Capital budget. <br /> Recommendation: Involve and include the downtown property owners in the <br /> existing Downtown Everett Association. <br /> Final note of caution: Formation of development corporations is on a community- <br /> wide basis not specific to downtown, though many of the projects are in fact in the <br /> downtown area and downtown will be a very important factor in the success of the <br /> community's economic diversification. <br />