REPORT PURSUANT TO
SECTION 53083
OF THE
CALIFORNIA GOVERNMENT CODE
FOR A
PROPOSED ECONOMIC DEVELOPMENT SUBSIDY
The following Report has been prepared pursuant to California Government Code Section 53083. The report sets forth certain details of a proposed Commercial Façade Improvement Program (Program). The Program will provide grants to qualified commercial businesses within the City to make façade improvements that will promote beautification and business revitalization in key commercial corridors. These grants will be targeted to control and prevent blight and deterioration within the City along with promoting business retention and expansion.
1. Identity of the Program Grantees. Recipients of Program grants (Grantees) have not been identified at this time. Program Guidelines have been prepared under which commercial property owners and businesses are required to submit an application for a grant under the Program. Each application will be considered on a case by case basis.
2. The start and end dates and schedule, if applicable, for the economic development subsidy. The start and end date of the economic subsidy is as follows:
November 1, 2022 through November 1, 2025.
3. Description of the economic development subsidy, including the estimated total amount of the expenditure of public funds by, or of revenue lost to, the local agency as a result of the economic development subsidy. The Program will establish a façade improvement program targeting businesses located along major transportation corridors in the City. The cost of the Program is $500,000.
4. Statement of the public purposes for the economic development subsidy. The Program will aid in achieving the following public purposes: improving the physical appearance of public transportation corridors, encouraging the retention of existing businesses, improving corridor safety by providing better signage, increasing property values, and supplementing community revitalization efforts by directly removing conditions of blight.
5. Projected tax revenue to the City as a result of the economic development subsidy. Projected tax revenues are not able to be reliably determined at this time.
6. Estimated number of jobs created by the economic development subsidy, broken down by full-time, part-time, and temporary positions. The Program will necessarily create temporary jobs within the building trades that construct the façade improvements.
However, because each Program grant is unique to the façade improvements proposed by the Grantee and approved by the City, a reliable estimate of job creation is not
available at this time. With respect to jobs created by Grantees as a result of participation in the Program, the Program’s focus on retention of existing businesses will serve to retain existing levels of employment that might otherwise be lost if blighting conditions persisted. As Program grants are awarded to individual businesses, the City will be in a better position to evaluate job creation at those businesses related to participation in the Program.