The Tacoma Economic Development Committee meeting on April 29, 2025, focused on strategies to enhance local economic growth through targeted incentives for small businesses and mixed-use developments. Key discussions revolved around the potential for adjusting eligibility criteria for state-level incentives to better support diverse business needs, particularly in the industrial and tech sectors.

Committee members emphasized the importance of creating smaller, more affordable commercial spaces to accommodate startups and small businesses. A notable example discussed was the CIVA project near City Hall, which aims to provide smaller units under 1,000 square feet, making it easier for entrepreneurs to establish themselves without the burden of large office spaces.

The conversation also highlighted the need for collaboration with multifamily developers to ensure that commercial spaces are not left vacant. Suggestions included subdividing commercial areas in new developments to allow small businesses to thrive, rather than having them sit empty. This approach aims to foster a vibrant local economy by providing necessary resources for small businesses to grow.

Additionally, the committee explored innovative incentive structures, such as profit-sharing models and tenant improvement allowances, to attract businesses to underutilized spaces. The importance of consistency, predictability, and transparency in the development process was underscored as critical factors for encouraging investment and reducing risks for developers.

Overall, the meeting underscored Tacoma's commitment to nurturing its small business ecosystem and adapting its economic strategies to meet the evolving needs of the community. The committee plans to continue exploring these ideas and engage with stakeholders to implement effective solutions for local economic development.