CORONA CHAMBER OF
COMMERCE
PSA with CITY OF CORONA
START WITH THE BEGINNING
• In the 1960’s the Chamber went to the City to advocate for a hotel tax, today it is called a TOT transient
occupancy tax.
• Today this tax results in over a million dollars annually to the City.
• This was to help in supporting the efforts to retain and attract businesses in Corona.
• In the late 1970’s the City invested $75,000 in the
CORONA Chamber, which today would be equivalent
to $292,000.
The Core of the City’s Economic Development Dept.
To stimulate and support economic growth within the community In what ways can this be
accomplished?
Primary Goals of an Economic Development Dept.
• Attract New Businesses
• Support Exiting Businesses
• Create Jobs
• Increase the Tax Base
• Revitalize Communities
• Foster Innovation and Sustainability
• Build Partnerships
Potential Consequences of Partnership Loss
• Weakened Business Support Network
• Reduced Economic Development Opportunities
• Limited Advocacy and Representation
• Fewer Community Events and Engagement
• Missed Marketing and Branding Opportunities
• Fragmented Communication
Partnership Matters
Why Does A Strong Partnership Matter?
A strong city-chamber relationship creates a collaborative ecosystem where:
• Businesses thrive
• Residents benefit from job creation and services
• The city grows in a sustainable, inclusive way
• Unifies the Businesses, the Community and the City
The City’s Budget Breakdown
There are 16 Departments within the City of Corona. Here they are and their budgets.
This is only .43% of the
total budget
Out of the proposed
partnership of $60,000,
this is small 3.61% of the
ED Budget
Which equals 0.0142% of
the City’s Total Budget!
Investment Comparison
Local area Cities ED Investment
Percentage of City budget as an investment in Economic Development City Total Budget Econ. Dev.
Budget
% of Budget
Riverside 1.38B 22.5M 2.15%
Moreno Valley 306.78M 2.6M .85%
Corona 410.34M 1.8M .43
Partnership Over Time
Looking back at historical partnership
YEARS AND PARTERSHIP INVESTMENT
1978/1979 2004/2005 2022-2023 2023-2024 2024/2025 2025/2026 $ 75,000 $87,500 $87,500 $60,250 $66,750 $60,000
Considerations
• The scope of the service changes and/or expand
• The costs of labor, insurance, overhead, and services have significantly increased year over year
• Inflation has caused the dollar value to fall
• The Chamber continues to support the City with special requests such as the Tarriff meeting with Manufacturers.
• Through our Inland Empire World Trade Conference, we bring in large business audience to Corona
• Economic Forecast with high level presenter delivers impactful information about the economy
• The proposed $60,000 PSA is equivalent to about .40 of the cost of a single Economic Development employee.
• The Chamber’s GMC’s provides the platform for the City to Connect with and Communicate to large number of businesses.
THANK YOU!