Public Workshop Mountlake Terrace Library May 15, 2018 Economic - - PowerPoint PPT Presentation

Economic Vitality & Town Center Plan Update

Public Workshop – Mountlake Terrace Library – May 15, 2018

Public Workshop – Mountlake Terrace Library – May 15, 2018

TASK FORCE MEMBERS

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

Existing Development Pattern (Building Form & Parcel Size)

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

Current Use of Property (Snohomish County Assessor)

• Town center cannot be seen from I-5 or major

transportation corridors

• Dominated by single family residential lots
• Small parcels can be a financial hurdle when preparing a

site for larger development

• Civic center campus will be a major activity generator,

but is currently outside TC limits

• Veterans Park is located between light rail station and

civic campus and Town Center

• Opportunities to incorporate Veterans Park into Civic

Center Campus

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update Transportation Network Functional Classification from 2015 Comprehensive Plan

• Vehicle traffic is important for a successful

retail business. Ballinger Way in front of Thriftway (Shoreline) sees 23,000 trips/day.

• Busiest Mountlake Terrace streets are 212th,

220th and 244th.

• Compared to many cities in the region, our

roadways have low vehicle volumes and limited transportation congestion.

• Future Gateway Connector will connect 236th

Street SW with 244th Street SW

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update It takes between 5 to 10 minutes to walk to activity areas in town center Most homes in the area are within a 5 minute walk of a transit stop.

Cit City of

• f Mou
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DEMOGRAPHIC AND ECONOMIC PROFILE KEY TAKEAWAYS Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

Exhibit 1. Historic Population, Mountlake Terrace and Comparison Cities, 1968-2017

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Total City Population

POPULATION TRENDS

Mountlake Terrace Bothell Edmonds Kenmore Lake Forest Park Lynnwood Shoreline Snohomish County King County CAGR, 2007-2017

0.6% 3.1% 0.4% 1.3% 0.3% 0.5% 0.6% 1.4% 1.4%

Source: Washington State Office of Financial Management, 2017

Bothell Lake Forest Park Lynnwood Edmonds Mountlake Terrace

Exhibit 2. Compound Annual Population Growth, Mountlake Terrace and Comparison Jurisdictions, 2007-2017

>Mountlake Terrace’s population growth has been low in recent years >Bothell has been growing much faster in recent years. >Growth in Edmonds and Lynnwood has slowed over the past decade.

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

Exhibit 3. Employment and Housing Growth Forecast, Mountlake Terrace, 2000-2040

EMPLOYMENT AND HOUSEHOLDS

7,985 8,193 8,807 9,420 10,034 10,995 11,484 7,410 7,047 7,845 8,643 9,441 9,518 9,913 10,512 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2000 2005 2010 2015 2020 2025 2030 2035 2040

>The City is projected to grow by approximately 2,000 household through 2040 >While modest future growth is projected for Mountlake Terrace, it would be more than the City has seen in recent decades.

CAGR, 2010-2040 Mountlake Terrace Bothell Edmonds Kenmore Lake Forest Park Lynnwood Shoreline King County Snohomish County Households 1.1% 1.8% 0.7% 1.2% 0.5% 1.5% 0.5% 0.8% 1.0% Employment 1.3% 1.3% 0.6% 2.7% 0.8% 2.2% 1.4% 1.6% 1.8%

Projected Growth Households Employment

Exhibit 4. Projected Growth in Households and Employment, Mountlake Terrace and Comparison Jurisdictions, 2010-2040

Total HH or Employment

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

DEMOGRAPHICS: HOUSING & JOBS

Exhibit 5. Jobs-Housing Ratio, Mountlake Terrace and Comparison Cities, 2016

>In 2016, Mountlake Terrace had 7,795 jobs and 8,990 housing units, which means there are 0.9 jobs for every home in the City. >Mountlake Terrace has a balanced jobs to housing ratio compared to cities like Bothell (a jobs importer) or Lake Forest Park (a bedroom community)

1.9 1.8 1.4 0.9 0.9 0.7 0.6 0.4 0.3 0.0 0.5 1.0 1.5 2.0 2.5

Bothell Lynnwood King County Mountlake Terrace Snohomish County Shoreline Edmonds Kenmore Lake Forest Park

Jobs-Housing Ratio

Source: PSRC, 2016; Washington State OFM, 2016

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

DEMOGRAPHICS: HOUSING & JOBS

Exhibit 6. Age Distribution, Mountlake Terrace and Snohomish County, 2016

>Mountlake Terrace has a high share of people in their 20s and a low share

• f teenagers compared

to Snohomish County

• verall

Source: US Census Bureau, ACS Estimates 2012-2016 13% 13% 13% 14% 14% 15% 10% 8% 13% 10% 17% 15% 15% 13% 11% 8%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Under 10 10 to 19 20 to 29 30 to 39 40 to 49 50 to 59 60 to 69 70 and Over

Snohomish County Mountlake Terrace

Share of Population

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

DEMOGRAPHICS: FINDINGS > Mountlake Terrace’s population growth

has been low over the past few

decades > The City has a higher concentration of

people in their twenties compared to

Snohomish County overall > The City has become more diverse in terms of race and ethnicity since the year 2000 > There are slightly more single person

households and fewer large families

compared to the County overall > There is a similar share of families

with children compared to Snohomish

and King County overall > The City has a nearly balanced jobs-

housing ratio, meaning it has a similar

amount of housing compared to the number of jobs located in the City > While the projected future growth rate is not very high, it is higher than the growth the City has experienced in recent decades

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

LOCAL ECONOMY: INCOME

Exhibit 7. Median Household Income, Mountlake Terrace and Comparison Jurisdictions, 2016

>Mountlake Terrace has a lower median household income compared to many of its neighbors.

$53,308 $66,512 $70,398 $73,528 $78,181 $78,800 $86,167 $93,227 $96,217 $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000

Lynnwood Mountlake Terrace Shoreline Snohomish County Edmonds King County Bothell Kenmore Lake Forest Park Source: US Census Bureau, ACS 5-Year Estimates, 2012-2016

Median HH Income

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

LOCAL INDUSTRIES

Exhibit 8. Covered Employment, Mountlake Terrace and Comparison Jurisdictions, 2016

>A high share of Mountlake Terrace’s jobs are in FIRE industries (Finance, Insurance, and Real Estate) >The amount of FIRE jobs is similar to Bothell and more than found in Lynwood, two significant employment centers

Finance, Insurance, Real Estate Services Construction Education Retail Government Wholesale, Transportation & Utilities Manufacturing

7,975 30,712 11,553 3,707 1,684 27,175 15,962

5,000 10,000 15,000 20,000 25,000 30,000 35,000

Mountlake Terrace Bothell Edmonds Kenmore Lake Forest Park Lynnwood Shoreline Source: PSRC, 2016

Median HH Income

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

INFLOW & OUTFLOW

Exhibit 9. Commuting Inflow & Outflow, City of Mountlake Terrace, 2015 6,345 11,121 420

There are 11,541 workers in Mountlake Terrace. 11,121 of these commute outside the City 420 of these live and work in the City Another 6,345 live elsewhere and work in Mountlake Terrace for a total of 6,765 jobs in Mountlake Terrace.

Source: US Census LEHD, 2015 Work in Mountlake Terrace Live in Mountlake Terrace

Lynnwood Bothell Shoreline

25,112 1,750 15,243 26,545 2,139 18,221 13,488 2,123 23,340

Exhibit 19. Commuting Inflow & Outflow, Comparison Jurisdictions, 2015

Live and Work

>Only 4% Mountlake Terrace’s employed residents live and work in the City. >Nearby cities Lynnwood, Bothell and Shoreline all higher shares

• f people that live and work in

the City

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

TAXABLE RETAIL SALES: PULL FACTORS

Exhibit 10. Retail Pull Factors, Mountlake Terrace and Comparison Jurisdictions, 2016

Source: Washington Department of Revenue, 2016

NAICS Description Mountlake Terrace Bothell Edmonds Kenmore Lake Forest Park Lynnwood Shoreline 452 General Merchandise Stores 0.22 0.77 0.20 0.10 0.23 5.71 1.77 448 Clothing and Clothing Accessories Stores 0.08 0.27 0.68 0.13 0.09 7.43 0.18 443 Electronics and Appliance Stores 1.03 1.22 0.43 0.83 0.24 3.94 0.30 446 Health and Personal Care Stores 0.49 0.74 0.64 0.85 0.57 2.88 1.11 442 Furniture and Home Furnishings Stores 0.24 1.05 0.62 0.43 0.40 4.36 0.31 451 Sporting Goods, Hobby, Musical, and Book Stores 0.16 0.56 0.22 0.48 0.82 6.48 0.36 447 Gasoline Stations 0.50 0.58 0.53 0.36 0.32 1.89 0.75 444 Building Material and Garden Stores 0.28 2.34 0.30 0.31 0.53 2.13 2.01 445 Food and Beverage Stores 1.06 0.64 1.31 0.99 0.47 2.09 1.02 441 Motor Vehicle and Parts Dealers 0.04 0.25 2.11 0.33 0.01 5.22 1.22 721 Accommodation 1.31 0.19 0.02 1.57 0.07 722 Food Services and Drinking 0.37 0.94 1.02 0.36 0.37 2.16 0.42

Retail Trade Capture measured through pull factors > Pull factors describe the relative concentration

• f taxable retail sales per capita made in a

target geography compared to a larger geography. > A pull factor above one indicates that a high relative concentration of sales in Mountlake Terrace, while a pull factor below one indicates a low concentration of sales in Mountlake Terrace.

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

LOCAL ECONOMY: FINDINGS > Mountlake Terrace has a lower median household income compared to many neighbors, with more households making between $75,000 and $99,000 per year > The City has a high share of local jobs in Finance, Insurance and Real Estate (FIRE). > Despite its balanced jobs-housing ratio, a very low portion of employed residents live and work in Mountlake Terrace. > Employment in Mountlake Terrace has been growing steadily, adding approximately 1,500 jobs from 2010 to 2016. > The healthcare industry employs the largest share of Mountlake Terrace residents. > The City is experiencing retail leakage across most retail categories, with the Alderwood Mall having a significant draw across the region.

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

CURRENT IMPROVEMENT VALUES

Exhibit 11. Assessed Improvement Value/Land SF Improvement values provide an indication of which parcels may be more financially feasible to be redeveloped. If zoning allows for a more intensive use than currently exists on the property, and market demand also supports a more intensive use, redevelopment is more likely. In this map, “Tier 1” properties are likely vacant or minimally improved, while “Tier 5” properties likely feature newer, more intensive development.

Town Center

Source: Snohomish County Assessor, 2018; CAI, 2018

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

CURRENT IMPROVEMENT VALUES: TOWN CENTER

Exhibit 12. Assessed Improvement Value/Land SF

Town Center

Source: Snohomish County Assessor, 2018; CAI, 2018

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

POTENTIAL CAPACITY

Exhibit 13. Current Improvement Values by District, Mountlake Terrace Town Center

Development Tier Max Improvement Value/SF District A District B District B, Overlay District C District D District E Town Center Acres Parcels Percentage 1 $0.1 0.0 1.2 0.0 1.5 0.6 0.2 3.4 10 5% 2 $10 2.8 5.8 2.1 13.0 9.8 4.1 37.5 143 55% 3 $20 1.4 1.6 0.0 2.8 3.4 1.3 10.4 49 15% 4 $60 2.1 0.3 0.0 5.9 0.8 0.0 9.1 20 13% 5 Over $60 2.1 1.3 0.0 2.4 1.5 0.4 7.6 28 11% Total Acreage 8.4 10.2 2.1 25.4 16.0 5.9 68.0 Total Parcels 8 35 1 92 73 40 250

Source: Snohomish County Assessor, 2018

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

LIGHT RAIL STATION AREA DEVELOPMENT

Roosevelt Station > Similar to maximum Town Center building typology > Apartments, 260 units > No commercial space > 7 stories, 70 feet tall > Built in 2015 > Used Multifamily Tax Exemption Othello Station > Similar to maximum Town Center building typology > Apartments, 359 units > First floor commercial > 7 stories, 70 feet tall > Built in 2016 > Used Multifamily Tax Exemption Angle Lake Station > Similar to type 2B or 3 > Senior housing, 289 units > No commercial space > 5 stories, 50 feet tall > Built in 2016 > Used Low Income Housing Tax Credit

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update

Public Workshop – Mountlake Terrace Library – May 15, 2018

Economic Vitality & Town Center Plan Update