Yesterday, we asked you to act urgently to contact the LA County Board of Supervisors urging their support for the motion being offered today by Supervisors Ridley-Thomas and Solis to fund economic development activities in LA County. We’re pleased to report that, after extensive testimony that included many BizFed members, today the Board of Supervisors voted unanimously to approve the motion!
Many thanks to all of the BizFed members who mobilized in support of this important initiative that will jump start economic development in LA County:
Leticia Aguilar, Union Bank; Bill Allen, LAEDC; Alex Davis, VICA; Alex Guerrero, Valley Economic Development Corporation; John Musella, Chiquita Canyon; Catherine Nguyen, Comerica Bank; Christine Rangel, BIA/LAV; Brissa Sotelo-Vargas, Tesoro Refining anf Marketing; Gary Toebben, LA Area Chamber of Commerce
The motion passed with some minor friendly amendments, including one from Supervisor Shield Keuhl to include a public hearing after LA County staff reports back with additional program details. As a reminder, here are the basics of the Countywide Economic and Community Development Program created by today’s motion:
- This effort 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.
- A new County Economic Development Trust Fund will be administered by the LA County Community Development Commission.
- The County authorized $965,000 to create the fund using money allocated to the County from the dissolution of the Community Redevelopment Agencies. Next year, the County CEO is directed to find $4.5 million to appropriate for the fund, growing gradually to $15 million in FY 2012-22.
- The fund will create four complementary initiatives:
- Manufacturing Revolving Loan Fund ($1 million, growing to $3 million in FY 2021-22) to support creation and retention of manufacturing jobs.
- Community Business Revitalization Program ($1 million, growing to $3 million in FY 2021-22) for revitalizing commercial corridors and renovating blighted structures.
- 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).
- 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.
Thank you again to everyone who weighed in to support this effort! BizFed will continue to keep you apprised as the programs details are developed and implemented.
