Regional Trade & Economic
Development Alliance
1
Creating a new economic development
organization for the Puget Sound region
Item No. 9a
Meeting Date:
March 13, 2018
PURPOSE
To establish a ‘best-in-class’ economic and trade development
organization to bring broad-based jobs and opportunity to the
residents of the Puget Sound region.
STORY
WHY?
Boeing 777X and Amazon HQ2 reinforced that our region is
competing globally. We need to work together as one region to
compete for jobs and opportunity.
1. Companies look at regions when considering expansion and
location options.
2. Effective business recruitment programs need great research and
analysis to tell our story, understand our competition and support
businesses.
3. Marketing messages need to be consistent, targeted and
told at a regional level to national and international
businesses.
Objective: Align the region’s economic & trade development efforts and
create a world-class organization
• Benchmarking of “best-in-class” economic & trade development efforts
• Site visits to Columbus 2020, Opportunity Austin and Greater Houston Partnership
Working groups formed to develop an operating model for a regional
economic development organization.
• Mission, goals and metrics
• Governance structure
• Relationship between Trade Development Alliance of Greater Seattle (TDA), Economic Development
Council of Seattle and King County (EDC) and China Relations Council (CRC)
August Decision: Build the regional economic development organization to serve the Puget Sound region.
2017
HISTORY
• Q4 2015 TDA established strategic planning effort
• Jan-May
2016
Regular board, executive committee discussions on
direction
• May 2016 Decision to grow TDA’s scope of influence, engage EDC,
WSCRC
• Summer
2016
Discussions between TDA, EDC, CRC
• Dec 2016 Decision to engage Challenge Seattle
• Aug 2017 Decision to pursue new Regional org, with TDA, EDC as
components (except ADO function)
• 2017
• 2018 to date
Challenge Seattle led process on best practices in and
future of economic & trade development
Organizational development underway
EDC and TDA Board vote to join REDA
NEXT STEPS
1. Executive Search:
• Search firm retained to recruit CEO - anticipate CEO hire by April
• A search committee has been established, with co-chairs Marilyn Strickland, Brad Smith
and Phyllis Campbell
2. Seed Funding
• Fundraising goal of $2 million (75% private)
o Port asked to contribute $50,000 (which is in 2018 budget)
• One-time money for the start-up phase of the organization:
• Retain a consultant to develop a strategic plan.
• Undertake a capital campaign
• Incorporate as nonprofit and operationalize the organization
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PROPOSED ORGANIZATIONAL & ENGAGEMENT STRUCTURE
Executive Board
• C-suite Level Private
Sector Representation
• Public Sector Elected Officials
• Strategic Decision Making
Chief Executive Officer
Business
Attraction
International
Engagement
Branding &
Marketing
Operations
Leadership Council
• Public and Private Sector Representation
• High-Level Advisory Board to the CEO
Investor Board
• Public and Private
Sector Representation
• Tiered Engagement Levels
Research &
Analysis
Organizational Structure
Engagement Structure
GOVERNANCE & ENGAGEMENT
Three boards to enhance region wide engagement and participation.
• The Executive Board: An outward facing board that is geographically, size,
and sector-diverse to best represent the entire region.
o Composition will be private sector C-suite executives and twelve elected
officials from the region.
• The Leadership Council: High-level advisory group to the CEO to provide
strategic and tactical guidance.
o Formulates annual workplan and budget, provides operational guidance
and takes part in on-going programs and activities.
o Public, private sector and ADO representation.
• The Investor Board: Open to all businesses, municipalities and regional
government agencies interested in participating in the region’s economic and
trade development.
Port of Seattle Considerations
1. Invest in REDA (now and during capital campaign)
2. Ensure Key Port Clusters Remain Targets for
Recruitment and Foreign Direct Investment Efforts
3. Ensure that Business Retention/Expansion initiatives
are sustained and remain robust
4. Participation in Regional Strategy/Plan Development
5. Port of Seattle Commissioner will serve on REDA
Board
6. Adjust focus of ED Partnership Program with Cities
to ensure regional recruitment efforts are aligned
