Joel Belding, Economic Development Director
October 1, 2025
Jobs Creation Pilot Program
Ask
That the City Council authorize the
establishment of a pilot jobs creation program
for The Hub. commercial center.
Guiding Document
• Adopted: September 2022
• Began: April 2021
• Community outreach
• 2400+ Survey responses
• Workshops
• Residents
• Businesses
• Focus group discussions
• Market Research
• Best Practices and Tools for Redevelopment
Downtown Revitalization
• The Hub. is a key catalyst project for
Downtown Revitalization Plan
• Attracting a curated mix of tenants is critical
to its success
• An incentive program will attract highquality tenants while assisting those tenants with growing local employment
• Jobs creation programs are tools that have
been used by cities and Redevelopment
Agencies for decades
• Private commercial owners have a variety of
tools they use to attract tenants
• Free rent
• Reimburse tenants for construction
• Retrofit interior spaces
• Build entire buildings
• The private market has not independently
revitalized downtown
• This pilot program offers a comparable
approach to private sector incentives to
attract high-quality tenants
Private Transactions
• Free rent periods for the first few months
• Participation/Percentage Rents
• Reimbursements for interior improvements – Tenant Improvement Allowance
• Direct construction of interior improvements for future tenants • Funding or full construction of new buildings for future tenants 5 Private commercial owners offer incentives to attract tenants Private Incentives
6 Private Transactions
Anchor Tenants
• Typically pay significantly reduced rent
compared to smaller tenants in same
center
• Landlords trade lower rent for increased
visitorship
7 Private Transactions
Starbucks
• Typical for property owner to build shell
building - $2M investment to attract Starbucks
• Well-known, low-risk tenants can command this
type/level of incentive
8 Private Transactions
Bedford Marketplace
• The first tenants opened in late 2022
• Those tenants had free rent until Amazon
Fresh opened, which occurred in late 2024.
9 Public Private Partnerships
Irvine Great Park
• Almquist selected as food and beverage
operator for the park
• Irvine to issue $14M in bonds to fund
building construction
• 30-60 year lease to repay bonds and provide
income
10 Pilot Program
Jobs Creation Program
• Forgivable Loan
• Guarantee jobs for 1+ years
• Covers a fraction of total employees
• 25%-50% funding of a minimum wage
employee
Funding
• Total estimated funding: $1.0-1.5M*
*Included in The HUB. Proforma
• Program would provide $8,580 to $17,160
for each job
• Minimum wage: $16.50
• Full time: 2,080 hours
• Annually: $34,320
Administration
• CM administers program, with updates to
Council
• Staff to develop objective criteria for loan
amounts
Pilot Program
Repayment
• Prioritize jobs for Corona
residents (Live-Work Pledge)
• Catalyst project for the
downtown revitalization
• Rent payments to City from
participating businesses
• Sales tax and possessory
interest taxes
Accountability
• Formal loan agreement with
businesses
• Fixed program budget
approved through budget
process
• Council direction prior to
agreement execution
• Loan agreement is a public
document once executed
13 Recommendation
That the City Council authorize the establishment of a pilot jobs creation program for The Hub. commercial center.