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April 28, 2005
Prosperity Partnership: 2005 Legislative Update
The 2005 Legislative session was very good for the Central Puget Sound's regional economic strategy. Several key initiatives that Prosperity Partnership working groups identified as critical pieces of the strategy were approved, and good progress was made on others that will be back next year for further consideration. Here's an update on our efforts.
Green Light for Life Sciences Discovery Fund
 The Life Sciences working group identified the establishment of a Life Sciences Discovery Fund as fundamental to developing and implementing a regional economic strategy for the Central Puget Sound region. Battelle estimates that the Discovery Fund will produce approximately 6,300 direct jobs and 20,000 total jobs over a 13-year period -- a significant return on the state's investment.
The Prosperity Partnership advocated for two key bills to create a Discovery Fund (SB 5581/HB 1623) that will boost life-sciences research funding in Washington by $350 million. The Discovery Fund passed its final legislative hurdle when the Senate approved the bill Saturday. The bill now moves to the governor for signature, which is expected any day.
Changes in the state ethics laws to make it easier for technology transfer to convert research ideas into successful commercial products were also supported by the group. This legislation was approved by the legislature and signed into law by the governor last week!
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Renewable Energy Industry Gets a Boost
 The Clean Technology working group supported legislation to help grow the emerging alternative energy industry in Washington, identifying passage of SB 5101 and SB 5111 as its highest priority legislative action item for 2005. While either bill would be valuable on its own, they were designed to act in tandem. Together they build demand for solar products, with a preference for those manufactured in Washington, by providing tax incentives and encouraging renewable energy businesses to locate in Washington.
The innovative piece for each bill is that the tax incentives are tied to power produced, not the cost of the plant. This aligns the incentives with the desired outcome of the industry - more productive, not more expensive plants.
Both bills have been approved by the House and Senate and we expect the governor will approve them shortly.
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Legislature Approves Transportation Funding
 The Prosperity Partnership has identified investing in our deteriorating transportation system as a foundation of the regional economic strategy. Our region's future economic health, ability to compete, retain and grow jobs is fundamentally linked to an efficient transportation system. Transportation is a weak link in our economic competitiveness.
This weekend the state made a significant step forward with legislative approval of an $8.5 billion transportation funding package. It funds safety, freight, efficiency and capacity projects throughout the central Puget Sound region and state. The governor has indicated she will sign the legislation. One last hurdle - a regional investment package - now remains. But we are well on our way to overcoming our transportation challenges!
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Aerospace Group Makes Progress
 The Aerospace group endorsed several measures that would fill gaps in previous aerospace support legislation to ensure aerospace employers at all levels of the supply chain have incentives to locate here. Despite being included in Governor Gregoire's budget proposal and receiving strong support from many stakeholders, they were not approved this session. We're looking to build on this momentum and secure successful passage next year.
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Regional Economic Strategy Taking Shape
After months of hard work and close collaboration by Prosperity Partnership members, the regional economic strategy is coming together. In May, the EDD board will review the draft strategy and provide feedback. The strategy will then be available over the summer for comments and refinements. Look for an announcement in early June on how to get a copy and opportunities to provide feedback.
In September the strategy will be finalized and the focus will shift to implementation -- turning the ideas into actions.
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