Seattle Mayor Katie Wilson has ordered the creation of a task force to recommend ways to diversify the city’s economy, alongside a proposal for a new development finance institution and steps to make it easier to open and grow a business. The Sept. 9 executive order directs the Office of Economic Development to convene the Resilient Seattle Economy Task Force by Oct. 31. The group is to meet monthly, hold topic-specific roundtables and deliver initial recommendations to the mayor by Feb. 15, 2027. Its final recommendations are due Sept. 15, 2027. The effort comes as Seattle faces layoffs at large companies, persistent commercial vacancies and a local economy increasingly concentrated in technology, according to the order. It also points to a shortfall in the growth of midsize businesses compared with peer cities and lower-than-expected venture capital investment relative to the region’s economic output and growth. The task force is expected to identify ways to attract, retain and grow businesses, with particular attention to sectors where city action could make a difference, including clean technology and the creative economy. The order also identifies clean energy, advanced manufacturing and maritime industries as potential areas for economic diversification. The mayor has tasked the Office of Economic Development with developing a proposal for a “Seattle Strategic Initiatives Fund,” envisioned as a development finance institution able to provide flexible capital to support business formation, innovation and job growth. The proposal, including recommendations on its structure and financing, is due to the mayor’s office by Sept. 15, 2027. The order does not establish the fund or specify how much money it would hold. Several city departments, including Seattle City Light, Seattle Public Utilities and the Seattle Department of Transportation, must recommend ways to align city assets, procurement and policies with the task force’s eventual strategy. The order calls for removing barriers to city contracts for smaller, local and cutting-edge businesses, with a focus on women- and minority-owned business enterprises. It also directs departments to explore using city-owned property and infrastructure to support economic development. For businesses navigating city requirements, the order asks the Office of Economic Development to consider a centralized, “one-stop” permit service and identify ways to reduce barriers for small businesses. It also calls for exploring ways to fill long-vacant commercial spaces with neighborhood-serving businesses, including child care providers. Proposals on business processes and expedited permitting are due May 1, 2027, in time to inform the city’s 2028 budget process. The order says Seattle’s economic development should support good jobs and career pathways while strengthening affordability and livability. It cites housing, transportation and child care as factors that can help neighborhoods retain businesses and attract new ones. Whether the proposals lead to new funding or policy changes will depend on the recommendations and subsequent city decisions.