REPORT TO THE CITY COUNCIL
March 21, 2019
FROM: LEE BRAND, Mayor
Office of the Mayor & City Manager
MIGUEL A. ARIAS, Councilmember
Council District 3
BY: TIM ORMAN, Chief of Staff to the Mayor
Office of the Mayor & City Manager
SUBJECT
Title
***RESOLUTION - Amending the "Economic Expansion Act" and Adopting the Southwest Revitalization Incentive Program" (Subject to the Mayor's veto)
Body
RECOMMENDATION
Mayor Brand and Councilmember Arias recommend the City Council approve the amendment to the Economic Expansion Act to create the Southwest Revitalization Incentive Program
EXECUTIVE SUMMARY
Since its initial adoption in March of 2016, the Economic Expansion Act (EEA) has proven to be an extremely useful tool to attract job-creating businesses and encourage significant public and private investment in the City of Fresno. This amendment is a logical extension of previous amendment(s) to the EEA to help stimulate additional investment in the area encompassed by the Southwest Specific Plan adopted by Council on October 26, 2017.
BACKGROUND
From its inception in 2016 to now, the measurable and scalable incentives created by the EEA have brought over 5,000 good-paying new jobs (with benefits) to Fresno and resulted in the investment of hundreds of millions of dollars in our community. This amendment is a logical extension of the EEA in order to stimulate significant investment in Southwest Fresno by building on the momentum of the $66.5 million grant the City is receiving from the State of California Transformative Climate Communities (TCC) program. The TCC program investment will bring at least another $111 million of additional investment to Southwest Fresno, Downtown and Chinatown. This amendment to the EEA will build upon that success and has the potential to create tens of millions or more of additional investment in Southwest Fresno, an area of outstanding potential that has been overlooked all too often. This amen...
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