The City's economic development strategy continues to focus on broadening and growing the City's tax base to ensure continued services and overall quality of life. Since we started an aggressive economic development program five years ago, we have successfully launched a number of initiatives. And while our strategies have included the more visible and significant projects such as Town Center and the redevelopment of our larger commercial areas to ensure the City's future growth, we have also focused on ensuring the viability and growth of our existing local businesses.
This year alone, we assisted over 30 local businesses with direct technical and business assistance through our UP Business Solutions. In 2006, we saw approximately $1.1 million of private investment in new and redeveloped commercial spaces. These were improvements and expansions as our businesses upgraded their products and services. While we await the opening of our Town Center to significantly bolster our retail sales, we continue to see modest growth from our retailers through a 10 percent increase in retail sales for 2006.
To ensure that the City continues its path to economic stability and growth, we completed the City's second Economic Development Strategic Plan. This five-year plan will be the City's blueprint for action starting in 2007. Over the next five years, we will continue to focus on growing and diversifying our local businesses and facilitating the redevelopment of our key business districts and commercial areas. And with the much anticipated opening of Chambers Bay Golf Course, we will focus on developing our potential as a destination and a regional partner in tourism as well as other regional economic development initiatives.
We realize that economic development does not happen overnight and that good things take time. But we also know that our quality of life is dependent on our ability to provide quality services that only come with a stable and growing economy.
Should you have any questions or concerns, please do not hesitate to contact me during the day at 566-5656.