♪♪
-Good morning.
-Welcome, everybody,
to the grand celebration of the opening of Marjorie's,
our second opening
for the Business Community Ownership Fund.
We're very happy to have you here.
Quick round of applause.
[ Applause ]
To kick things off, we're going to have Mayor Bruce Harrell.
Mayor. -Notes to self;
Markham, give better hyper introductions
so everyone's hyped up.
Just so.
Actually, I want to thank with a serious thanks to Markham
for your leadership on making sure we're doing the right thing
when it comes to small business.
Markham I'm very fond of
because I've seen what he's done
to the Office of Economic Development,
and I am just astounded at not only his ideas,
but his commitment to make sure we follow through on them.
I have a few things I want to start off with.
And by the way, welcome to Marjorie's day.
Let's just throw it out there.
You know, many of you I think next week
on the 14th will celebrate Indigenous People's Day,
or Columbus Day, or whatever's known at that to celebrate.
Many of you don't know that on the 10th day of the 10th month,
today, it's nationally
or actually globally celebrated DSDS.
It's called 10/10.
It's a national --
you guys are familiar with the special day of 10/10, are you?
Any hands? My birthday, darn it?
You got to better celebrate this.
All over the world here, they celebrate that day.
It's a holiday.
I want to thank President of Grow America, Vicki Foege.
I think you'll say a few words. But I want thank you publicly.
I want to thank JPMorgan Chase for all of the work
that they're doing.
I want thank Heidi Hall,
the Community Wealth and Building Manager at OED.
We have Chipalo Street here,
our representative for the 37th District.
Thank you. We're in your district.
And I would be remiss
if I didn't recognize the continued leadership
of our former representative, Eric Pettigrew.
Thank you for being here, Eric.
Oregon State graduate. He's always football.
He's always eating when I see him, by the way.
Thank you for being -- okay. All right.
He's my cousin, so I love him dearly.
I want to start with a quote, if I may.
It is so -- we're so excited about this program
and the quality of both applicants and people
committed to this kind of work all around.
Small businesses are the backbone of our economy
and the cornerstone of our communities.
That's coming from Karen Mills
the former Administrator of the U.S.
Small Business Administration.
Now, those who have visited Marjorie's Restaurant
know that it's never just a restaurant.
It's a cornerstone of a community.
It's a gathering place, a meeting place,
a space for connection and belonging
and great conversations.
And yes, some of the best jerk chicken in town.
I think we all have stood in line to get some of that.
That's what she is known for.
Originally opening in 2003,
Donna Moodie, the restaurant, of course,
named and given homage to her mother, Donna's mother.
I probably may steal a few remarks
that you're going to say,
but it's in my notes.
I'm sorry. -You trump me. Go ahead.
-Okay. That's okay. But in all seriousness,
we're thrilled to celebrate this program in our beloved city.
And this time right here in the heart of our city,
in the Central District,
these critical investments coming from
the Business Community Ownership Fund,
I'll refer to that as the BCO.
The BCO invested over $2 million in Marjorie's,
a $1.1 million contribution
from the sale Office of Economic Development.
And again, I want to thank Markham McIntyre's shop
for stewarding the funds.
A $1 million match contribution from Grow America.
This is the first of its kind, first in the nation innovation
business property ownership program.
We're making history right here in Seattle.
Participating businesses owners have the security of stable,
affordable, consistent occupancy costs
that aren't set by market demands.
And for anyone that's run a small business,
that's tried a small business,
you know how tough it is sometimes being at the whim
of a landlord and the whim of different kinds
of market swings.
That's why this policy, when policy turns into action,
that's why this is such a beautiful thing.
This past March, we celebrated the launch of this program.
Many of you were there with me
at the opening of La Union Studio located
in Mount Baker neighborhood.
Give a shout out to the owners of Sonia and Sergio.
I think they're here in the crowd.
I was told they may be. I don't know.
They could be working.
But they were -- there they are back -- no, I'm just kidding.
They're not here.
But we're going to give them a shout out anyway.
This sort of -- you know,
these things get a little personal to me,
because when we celebrated that one,
it was literally like three blocks
from my mother and father's house of over 30 years.
And before that,
this area is near -- I just grew up six blocks from here.
So when I see these kinds of investments,
as mayor, they're very personal. And I have to say --
and I'm going to say this right to Donna directly,
that, you know, again, owning a business is really tough work.
And you have to be really, really good,
and you are very good. I just wish that as mayor,
when I do call, I do want a little preferential treatment.
When I come in, I want to be seated quickly.
I don't want to wait in line like everybody.
But in all seriousness, I'm just joking.
That would be an ethical violation, of course.
That would be an ethical violation.
We would not misuse our position.
But in all seriousness,
you're bringing community together,
and we thank you for that.
In addition to owning a restaurant,
many of you know the community work that she does.
This particular ownership fund puts small business owners
on a pathway to have ownership
and long-term control of their commercial spaces.
So we're putting the --
sort of the own back in ownership in small businesses.
This fund creates, as many of you know, the mechanics.
I was asked, just having coffee a little earlier,
about how it sort of works.
And it creates a real estate partnership and the LLC
to purchase the ground-level commercial property
and mixed-use buildings.
Business owners become members of the LLC
and then the LLC then leases to the space
to the small businesses.
That's sort of how the mechanics work.
And so on average, retail rent,
my notes would suggest, is nearly 35,
36 per square foot in the Central District.
This is a high demand area.
The BCO fund reduces this to $30 per square foot
and keeps the rates stable over the time
while the market may increase.
And so we're looking at the stability.
So in Seattle, we know we are a growing city.
We embrace the growth.
We enjoy the growth that we are experiencing.
But when it translates into displacement,
when it translates in the kind of gentrification
and the kinds of things we don't want to see,
when we embrace growth,
we try to preserve the beautiful communities that are here,
that have been here, the arts, the culture,
and indeed, the food.
So this is our attempt to look at how a city becomes great.
We appreciate and value our diversity,
but then we translate
that into the implementation of these kinds of programs.
This is a 30-year affordability covenant on the property
to keep the commercial space affordable
to the business owner.
And we'll keep eating here
and I'm going to keep marketing this place
because indeed, we are very, very proud of it.
So as an unapologetic ambassador for the Central District
and the 37th District, I should say,
I'm excited to welcome Marjorie's to its new home.
This new location builds on the legacy
of Black-owned businesses in the Central District
and joins current community staples like Communion,
is very close, Arte Noir, Jerk Shack, Earl's Cuts & Styles,
just to name a few, in this very treasured area.
So thank you very much.
And I'll hand it back to you, Markham.
Thank you.
-Thank you, mayor, and happy birthday.
-Thank you.
Celebrate it globally on the DSDS 10/10.
-These types of projects
that the mayor just described are incredibly complex,
and to pull it off requires deep partnership and commitment.
So the city could not do this alone.
And so we had a close long partnership with Grow America.
So I'm excited to bring Dan Marsh, CEO of Grow America,
up to say a few words.
-Boy, that's a hard act to follow.
Gosh. But anyway, I'm Dan Marsh.
I'm president and CEO of Grow America.
We're a national nonprofit,
and this is the second time we've had the pleasure
to christen a new business here in Seattle.
And we're particularly pleased about this program
that we've been working in partnership with Markham
and the city on,
because it really gives opportunity to entrepreneurs
that historically have been locked out
of the commercial marketplace.
Fifty-five years ago, our company was founded in Brooklyn,
New York in Bedford-Stuyvesant.
And one of our first initiatives as a company
was to work to increase corporate purchasing
for minority businesses around the country.
This was in 1969 and 1970.
So we've been at this for a long time,
and we're very committed to continue this work
and make sure that Donna and other entrepreneurs like her
get a chance to occupy great space like this,
cook great food, design great buildings in a way
that enhances the community.
Strong communities as the mayor and Markham
and his staff will say, require inclusivity.
There has to be a mix of people of all economic levels,
different ethnicities, and that's what makes the --
our cities in America great, and that's what makes Seattle great.
So we're very proud to be a partner
in this groundbreaking effort,
which we hope to take nationwide.
And we will market it
as incubated here in the city of Seattle
under the mayor's leadership.
But we think this is an opportunity
that has been long lacking in this country.
We want to reach a broader audience
of minority entrepreneurs in this country,
and we want to build stronger
and more vibrant cities through inclusive development.
So we can't be more happy as a company.
We are looking for more partners to bring into the mix.
We want to bring foundations.
We want to bring corporations to the table,
and we want them to side with us
and become part of this very strong partnership
to make sure that opportunities like this
are given to everyone
who has that entrepreneurial spirit
to realize the American dream and really become a big
and successful participant in the local economy.
And Donna's going to do that.
And I just have to tell you, we had dinner here last night.
And for all of you who may see this, the food is fantastic.
So you better get your reservation system up
and running because a lot of people are going to be coming.
And one word; butterscotch pudding.
So -- And you'll figure it out when you come here.
So thank you very much.
And mayor, thank you.
And I want to -- I also want to thank JPMorgan Chase,
who's been our partner and provided us with a grant
that really launched this program and started the program.
So thank you and come to Marjorie's and eat.
Good luck. -Thank you Dan.
Anyone who knows me knows
that I love a good public-private partnership.
I think that's how you get big things done.
And so Dan mentioned
that JPMorgan Chase has helped financially support this.
But JPMorgan Chase has been a great partner to the city
on many of our economic development efforts.
So huge thanks to JPMorgan Chase.
And Vicki, if you wouldn't mind coming up
and saying a few words.
-Hi. Good morning, everyone. I'm Vicki Foege.
I'm with JPMorgan Chase Foundation.
And I'm really thrilled to be here
because Donna and I have lots of opportunities
to do things together, and she's one of my favorite people.
But throughout the Puget Sound region,
business disparities and gaps persist along racial
and ethnic lines,
with only 8% of minority-themed firms
reporting revenues of more than $500,000.
And at the same time,
small businesses continue to struggle
with commercial affordability,
both in finding a property for their business,
as well as the ability to finance the expense
of building out the space.
JPMorgan Chase, in our philanthropic investments,
help to build out an ecosystem of support for these businesses.
Financing opportunities, contracting opportunities,
and allowing BIPOC entrepreneurs to stabilize
and grow as a tool for their wealth creation
and provide a living wage employment for their employees.
But just as families need a home to grow and thrive,
so do small businesses.
That's why we made a significant investment in Grow America,
wherever he went. There you go.
And the Business Community Ownership Fund
with the City of Seattle.
We're proud to be partners with the city
and Grow America in this effort,
and we hope that our investment will help encourage
other civic leaders and corporations to do the same.
We think it's very important to create affordable pathways
for our small businesses to have Seattle be all that it can be.
Donna, I want to congratulate you on your new home.
I know that it took a lot of work
and a lot of heart to put into it,
and we're very pleased that it's come to fruition
and we're pleased to have played paid that little part.
We look forward to your continued success
to delicious meals
and the success of other businesses in the area.
Thank you. -Thank you, Vicki.
Many nice things have been said about Donna Moodie,
but I don't think any fully capture the light
that shines from her heart. She is a small business owner.
She's a community advocate.
She's a civic champion. She really is a Seattle gem.
So let's welcome Donna Moodie.
[ Applause ]
-Thank you all. It's quite an honor to be here.
This was definitely a long haul
to get to a point of opening Marjorie.
We're really happy to have everyone here.
I would be remiss if I didn't thank the city,
the Department of Economic Development for its effort,
not just to do projects like this,
but also to think outside of the box
and have a door-open policy to create
and come up with ideas for how we can build a stronger,
better small business community.
I also want to thank the mayor for believing in a project
like this,
because we couldn't --
we wouldn't be here without that belief and that support.
And I'd also like to thank Chase.
And as Vicki mentioned,
we are partners in many more ways
than supporting small business.
We look a lot at activating the city,
revitalizing after the pandemic.
And the ground floor of small businesses in our city
as we look at just filling up spaces
is critical to healing the city post pandemic.
That's something that I'm incredibly committed to.
And I don't just want to have this happen for myself.
I want to have it happen for multiple small businesses
that create a city that has a fabric
that makes people want to come visit,
and that make it very much more unique than what you see
when you go to big cities with big box stores.
Like Seattle is unique,
and the people that make it unique
are small business owners and residents
that come from all over.
I'd also like to thank Grow America because quite honestly,
I can't believe what they did and how they did it,
and how much effort, communication,
conversation went into making this happen.
I actually thought when they came here for dinner
that they were going to be upset with me
because I called them so often.
I asked so many questions.
I didn't think a meal would like placate the relationship
that we had started to build.
Instead, they were beyond excited to meet the person
that had been on the other end of so many phone calls.
And I just --
I can't begin to say how impossible something like this
would've been, even for me,
a seasoned business owner,
without the support of OED, the City of Seattle,
and Grow America.
And I'd also like to thank our staff
because a lot of times you see what's in the front
of the house, our bartenders, our servers,
but we often overlook people that work in the kitchen.
They're the train that makes a restaurant run.
I've been incredibly fortunate to come across a chef,
Eslyn McGonigal, who is just a rockstar.
She has brought together a crew that does amazing work.
We've got a tiny but mighty team of three with her.
We'll add a dishwasher when we open.
And I just am blown away by their dedication,
their hard work,
the effort they make, and just it's like a constant wow.
And the tone in the restaurant is so positive.
I think that a lot of restaurants
are kind of becoming new businesses
that have listened to the demands
of their community and employees post-pandemic,
and we're trying to forge a new way.
And I think that this opportunity has given me
the ability to do that. I'm eternally grateful for that.
Many of you know Marjorie as a institution, a community hub.
One of my friends calls it the place where deals are closed.
And I continue to appreciate how often I look around the room
and see familiar faces and feel
like I open my doors to have guests for dinner every night.
I look forward to many years of continuing to do that
and really appreciate the support
that I've received to make this happen.
It's amazing to me.
Thank you. -Congrats, again.
Before we close,
I do want to give a shout out
to the Office of Economic Development staff.
They put in a ton of time and effort
to make this thing happen. That's the end of the program.
But it wouldn't be a celebration without food and drinks.
So please come on in, enjoy some food, some coffee,
some tea, mix and mingle.
Thank you, everybody.
[ Applause ]