Budget Workshop FY24/25
Economic Development
Why do communities invest resources in Economic Development?Community Wellbeing.
Growing Economy =
Increased Revenue =
Services, Amenities and Opportunities
Quality of Life
Parks\Public Safety
Infrastructure
Housing
EconomicDevelopmentisnotlinear.
We must look for opportunities to improve on existing conditions by addressing issues such as infrastructure, equity and diversity, while also investing in new programs/initiatives that align with Fort Bragg’s unique strengths and resources.
The key to our success? Collaboration and trust.
Economic Development Requires Collaboration
City of Fort Bragg
West Business Center
Mendocino College Coast Center
Existing Businesses
New Businesses
GO-Biz
CalED
EDFC
Savings Bank of Mendocino County
Community First Credit Union
Noyo Harbor District
Mendocino County
Federal and State Partners
Examples of Economic Development Strategies to Support the Needs of Residents and Businesses TALENT
The educational attainment of a population significantly affects regional economic success. Strategic focus on supporting pathways to higher education, skills development, vocational training, and lifelong learning by actively collaborating with:
FBUSD Apprenticeship Program
Mendocino College Coast Center Workforce Training and Undergraduate Studies West Business Development Center Assist New and Existing Business Fort Bragg Municipal Broadband Digital Literacy and Home Occupations
PLACEMAKING
Strengthening the connections between people and where they live, work and play is key to anchoring talent. Embrace diversity! It is our residents, workforce, and businesses that make us unique. www.VisitFortBraggCA.com – Brand Identity
Visit Fort Bragg Community Events – Vibrant Downtown
Annual Events – Long Standing Cultural Connections
Downtown Uses and Activities – Encourage Pedestrian Activity, Commerce, Eateries and Entertainment Streetscape – Murals, Seating, Lighting, Landscape
Parks – Amenities for Community Recreation and Gathering
ALIGNMENT WITH MACROECONOMIC POLICY
California is the 5th largest economy in the world. We are #1 in the nation for new business starts, #1 for access to venture capital funding, #1 for tourism spending, manufacturing, high-tech and agriculture.
California Jobs First was developed to support the creation of 13 economic regions throughout the state, and is currently empowering these diverse regions to build roadmaps that prepare students and workers for higher-paying careers in climate ready industries.
California Jobs First Council will use the 13 regional strategies to inform a state-wide economic resilience strategy.
GO-Biz offers no cost consultation for incentive identification, site selection, regulatory or permitting compliance assistance, foreign direct investment and export assistance.
The Big Idea?Office of Entrepreneurship 345 N Franklin Street- Fort Bragg City of Fort Bragg
Business Ombudsman
Liaison for Items on City Agendas
Business Assistance Loans
Community Assistance Programs
Economic Incentive Programs
Noyo Ocean Collective Efforts
West Business Development Center
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Business Assistance Programs
The City has operated CDBG-Business Loan programs intermittently over several decades.
The City currently has three active CDBG awards for Business Loan Programs, including:
one COVID-19 Business Assistance Award (low-interest loans to for-profit businesses impacted by COVID-19); one regular program Business Assistance (BA) award (low-interest loans to for-profit businesses); and one regular program Microenterprise Financial Assistance (ME) award (low-interest loans to income-qualified microenterprise businesses).
Funding for all current awards is expected to be fully expended by the end of the fiscal year.
Business Assistance Provided
Pending Approval and Disbursement of Final BA and ME loans (2021-2024):
Businesses Assisted: 8
Total Amount Loaned: $678,000
Jobs Created and/or Retained: 18
Program Income
As loans are repaid, repaid funds become CDBG Program Income (PI).
PI is tracked in a separate account, and can be used for any CDBG-eligible activity. The City must submit an application for the selected activity and enter into a contract with HCD before expending PI.
PI-only awards are not subject to the competitive process.
PI was last used toward the Code Enforcement (CE) grant. Now that the CE contract has expired, the City needs to allocate PI to an activity.
Current PI balance and expected receipts through the next three years is roughly $500,000.
If used for a BA program, PI can essentially be used for a revolving loan program. Every three years (CDBG contract term), the City would estimate expected PI receipts from loan repayments and reapply for a PI award.
Other CDBG Updates (subject to change)
2024 NOFA is expected to be released in late July
Design Phase Public Hearing is scheduled for July 8
Expected Jurisdiction maximum: $3.6 million
Expected OTC Project maximum: $3.3 million
Expected OTC Program maximum: $1.5 million
Expected Competitive Program maximum: $300,000 (Planning and Public Services) Expected allowable application combinations now include:
One OTC Project or Program and two Competitive applications One OTC Project, one OTC Program, and one Competitive application
Rental Assistance Programs (pending)
The City has applied for $1.5 million for a Rental Assistance Program from the HOME Investment Partnership Program and is awaiting notification of application status.
The City is also applying for $1 million for a Rental Assistance Program from the Permanent Local Housing Allocation Competitive program.