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The Office of Economic Development (OED) was created in 1972 as part of the Department of Community Development to provide information to businesses expanding or relocating in Seattle. Its main efforts consisted of business development and capital investment, business assistance and advisory services, business liaison, special projects, and research.

In 1992 the City Council reorganized the functions of the Department of Community Development and established the Economic Development Transition Project. This project was assigned responsibility to contract for services to manage the City's business loan programs and to develop and recommend a strategy for the City's economic development programs.

OED was reorganized into the Executive Department in 1993. Its assigned functions included coordination of programs and policies related to the support of a diversified economy, livable wage jobs, access to education, job training and self-employment opportunities, and increased capacity for local neighborhood revitalization. OED administered the City's business loan programs, including loans funded by Urban Development Action Grants, the Neighborhood Business Development Loan Program, Washington State Development Loan Funds, the Seattle Small Business Lenders Association, and Community Development Block Grants.

The Office negotiated and administered contracts with organizations engaged in the provision of economic development services. Additional functions included the implementation of Community Development Block Grant contracts, as well as administration of federal, state, and local grants such as Central Seattle Neighborhood Special Purpose Grants, Economic Development Administration Planning Grants, the Southeast Opportunity Fund, and the Southeast Good Neighbor Fund. OED provided staff support to the City's Industrial Development Corporation, which issued industrial revenue bonds to provide low-interest financing for private business investment in Seattle. The Office also assumed responsibility for staffing the Mayor's Small Business Task Force and administering certain contracts. The director was appointed by the Mayor and confirmed by City Council.