Renton: State of the City

Here is an excerpt from Mayor Dennis Law’s State of the City address:
“Our region and city are experiencing one of the most difficult periods of our lifetimes, but even in these trying times, the state of our city is strong. With the exceptional vision and leadership of the City Council and the efforts of each and every city employee, we have accomplished a great deal in the face adversity.

We continue to look at every possible way to maintain high quality service to our citizens while making decisions that will ensure our ability to provide critical services.

And though these times will test us, it gives us the opportunity to transform ourselves – an opportunity to keep our city on a path that will lead to enhanced fiscal accountability, greater efficiencies, and a culture of innovation.

The downturn in the U.S. and Puget Sound economies will be felt in Renton. Renton employment is expected to decline about 3 percent this year. Housing permits dropped from more than 1,300 units in 2007 to 448 in 2008, and further declines are anticipated.

However, this past year Renton was one of only three cities in the Puget Sound region to see a positive growth in retail sales.
In October we passed the city’s 2009 budget of $252 million. Of this, the city’s general government operations expenses equal $101 million, which pays for things such as police, fire and other key services. Due to the decline in the economy we are projecting future deficits of possibly as much as 8 percent.

We are working hard to explore options to determine how best to bridge the gap with the least impact to the community we serve. As the city moves forward we will maintain a long-term view toward prosperity, while strengthening confidence in city government and making a difference in people’s lives.

Despite the economic challenges, Renton has been experiencing some positive gains lately. Businesses continue to open at The Landing and throughout the city, and most stores are exceeding their performance expectations.

Tough times reveal true character, and following these challenging times we will come through this a stronger city. We will make difficult choices today, but attain greater prosperity tomorrow.”

For a complete copy of the Mayor’s state of the city speech, go to www.rentonwa.gov.

To learn more about economic factors impacting home values in the City of Renton, please feel free to contact me.

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
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The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.