REPORT TO THE CITY COUNCIL
April 19, 2018
FROM: LUIS CHAVEZ, Councilmember
LEE BRAND, Mayor
SUBJECT
Title
***RESOLUTION - Instituting a pilot program to incentivize job creation along the Ventura/Kings Canyon corridor east of First Street.
Body
RECOMMENDATIONS
It is recommended Council approve a pilot program allowing economic incentives for businesses meeting certain criteria along Ventura/Kings Canyon east of First Street.
EXECUTIVE SUMMARY
The attached resolution would allow the City Manager to reduce and/or eliminate citywide impact fees (except water and sewer connection charges), and enter into an agreement for up to ten years to rebate 50% of the City's share of local sales and use tax, and 50% of the incremental property tax attributable to the investment made or caused by the business. Incentives shall not exceed $15,000 per full time equivalent employee, not to exceed a total of $375,000. To qualify for these incentives, the development must be a commercial or mixed-use development on vacant property along the Ventura/Kings Canyon corridor, east of First Street; be owner-occupied or subject to a lease of at least three years; create at least a net five new full-time equivalent jobs; create an increase in assessed valuation and therefore property tax receipts due to the City; and the business must not be simply relocating from another location within the City.
BACKGROUND
The incentive program will apply to businesses that meet the following criteria:
* The development is a commercial or mixed-use development on vacant property along the Ventura/Kings Canyon Corridor, east of First Street. For the purpose of this resolution, "vacant" shall mean any parcel or storefront, developed or undeveloped, that has been without an occupant or tenant for a period of one month or more;
* The development is owner-occupied or subject to lease of three years or more;
* Necessary public infrastructure is already in place;
* The development will...
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