BizFed will be there to testify tomorrow. Please let Rachel Horning, rachel.horning@bizfed.org, know if you plan to join us. Click here to download testimony that you can adapt and use.
Finally, here’s the background on the program so you can begin educating yourself about this effort:
Download the Motion by Supervisors Ridley-Thomas and Solis: Countywide Economic and Community Development Program
This motion is a direct result of AB 2, signed by Gov. Brown on Sept. 22, which provides that the County may create a Community Revitalization and Investment Authority.
The motion creates a County Economic Development Trust Fund administered by the LA County Community Development Commission.
Immediately, the County would authorize $965,000 to create the fund using money allocated to the County from the dissolution of the Community Redevelopment Agencies. Next year, the County would appropriate $4.5 million for the fund, growing gradually to $15 million in FY 2012-22.
The fund would create four complementary initiatives:
1. Manufacturing Revolving Loan Fund ($1 million, growing to $3 million in FY 2021-22) to support creation and retention of manufacturing jobs.
2. Community Business Revitalization Program ($1 million, growing to $3 million in FY 2021-22) for revitalizing commercial corridors and renovating blighted structures.
3. Industry Development Strategies. A cluster-based development strategy, starting with a Bioscience Revolving Loan Fund ($1 million, growing to $4 million in FY 2021-22) and including a grant program to fund best-practice cluster development ($125,000 initially, increasing to $2 million in FY 2021-22).
4. Catalytic Development Fund ($1 million, growing to $3 million in FY 2021-22) to leverage leverage New Markets Tax Credits, bank financing, and other sources of community development funding for targeted development projects.
Note that BizFed will remain engaged with the County as it develops the details and criteria for the various programs.
