EVERETT — It will be several years before the economy improves significantly and the city still needs to keep a tight rein on spending, Everett Mayor Ray Stephanson said Thursday.
Stephanson, who gave his annual state of the city economic talk to business leaders, said Everett is “both fiscally and operationally sound.”
“And given our difficult times, that’s no mean feat,” he added.
Stephanson said employees are doing their part, having foregone cost of living increases last year and are doing the same thing this year. And he noted the city has $20 million in a reserve operations fund for emergencies.
He noted that the city needs to go beyond just watching its spending and continue to look for opportunities to diversify its economic base. A work group that has been studying economic development will make its report of the City Council next week, Stephanson said. He said the city still relies heavily on the Boeing Co. and on the Everett Naval Station.
He acknowledged Boeing’s opportunities, such as a possible $35 billion deal on the refueling tanker. He also noted significant investments in the naval station and in Providence Medical Center.
But he said the city also needs things like commercial air service at the Snohomish County Airport at Paine Field in Everett. Stephanson said he expects to hear this spring about whether the Federal Aviation Administration will allow commercial flights at Paine.
“If they do, expect a legal challenge,” he said, adding a lawsuit would likely delay any action there for at least two years. Stephanson also said he’s working on a plan that would have Washington State University develop a branch campus in Everett.
Word that the USS Nimitz aircraft carrier will be stationed in Everett at the end of the year was important because the USS Abraham Lincoln, which is now based in Everett, will be leaving for refueling, Stephanson said. “It’s really good news,” he added.
The city is also glad to see new downtown housing in the form of apartments at Potala Village, he said, noting the building at Pacific and Rucker avenues already has a commitment for two restaurants in its first floor commercial space.
And he said a hotel will soon be built downtown.
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