It is very sad that Russell Investments has decided to move to Seattle. But this gives the powers that be a chance to look at their efforts to bring companies to Tacoma. Will it be business as usual or will they rethink their priorities?
When a Russell leaves Tacoma, an “economic wasteland” is created that needs to be filled. This does not happen when smaller companies leave or close their doors. So I believe that a better strategy is to prospect for the medium and smaller companies, possibly using part of the large tax incentive offered Russell, which now won’t be used.
Small businesses have many thousands more employees and continually hire the most. They can all use a reduction in the business and occupation tax and would benefit from other tax incentives. I suggest teaming with Go Local and the William M. Factory Small Business Incubator to encourage new startups and offering financial support for companies (especially retail) that are willing to open in the neighborhoods and downtown.
Small- and medium-size businesses are the lifeblood of Tacoma and will be the impetus which makes Tacoma someplace, not just anyplace.
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