1 Economic Development
Subcommittee Meeting
September 10, 2024
New Business Items
Staff Presentation
2 6.1 Enhanced Infrastructure Finance District
(EIFD) Update
Planning and Economic Development Director Gabe Osburn
3 6.2 Downtown Action Organization
(DAO) Update
Executive Director Cadance H. Allinson
4 6.3 Interest Rate, Labor and Vacancy Update
Chief Economic Development Officer Scott Adair
5 Interest Rate Update
6 8.50% – Effective as of: September 06, 2024
Federal Reserve Chair Jerome Powell at annual economic conference in Jackson hole, Wyoming: 'The time has come' for the Fed to soon begin reducing interest rates. With inflation nearly defeated and the job market cooling, Fed Chairman Jerome Powell says the Federal Reserve is prepared to start cutting its key interest rate from its current high. - Aug 23, 2024
2023
• 8.50% – Effective as of: 07/27/2023
• 8.25% – Effective as of: 05/04/2023
• 8.00% – Effective as of: 03/23/2023
• 7.75% – Effective as of: 02/02/2023
2022
• 7.50% – Effective as of: 12/15/2022
• 7.00% – Effective as of: 11/03/2022
• 6.25% – Effective as of: 09/22/2022
• 5.50% – Effective as of: 07/28/2022
• 4.75% – Effective as of: 06/16/2022
• 4.00% – Effective as of: 05/05/2022
• 3.50% – Effective as of: 03/17/2022
2020
• 3.25% – Effective as of: 03/17/2020
• 4.25% – Effective as of: 03/04/2020
Interest Rate Update
7(a) loan program
7 Date Greater than $250,000 (%) Greater than $50,000 and less than or equal to $250,000 (%) Greater than $25,000 and less than or equal to $50,000(%) $25,000 or less (%) Fixed Base Rate used to calculate the maximum fixed rates (Prime %) 9/1/2024 13.50 14.50 15.50 16.50 8.50
8/1/2024 13.50 14.50 15.50 16.50 8.50
7/1/2024 13.50 14.50 15.50 16.50 8.50
6/1/2024 13.50 14.50 15.50 16.50 8.50
5/1/2024 13.50 14.50 15.50 16.50 8.50
4/1/2024 13.50 14.50 15.50 16.50 8.50
3/1/2024 13.50 14.50 15.50 16.50 8.50
2/1/2024 13.50 14.50 15.50 16.50 8.50
1/1/2024 13.50 14.50 15.50 16.50 8.50
12/1/2023 13.50 14.50 15.50 16.50 8.50
11/1/2023 13.50 14.50 15.50 16.50 8.50
10/1/2023 13.50 14.50 15.50 16.50 8.50
9/1/2023 13.50 14.50 15.50 16.50 8.50
8/1/2023 13.50 14.50 15.50 16.50 8.50
7/1/2023 13.25 14.25 15.25 16.25 8.25
Interest Rate Update
Avg business loan rates Q3 2024 (Federal Reserve)
8 Labor Update
9 Monthly Labor Force Data for Cities and Census Designated Places (CDP) July 2024 - Preliminary
Data Not Seasonally Adjusted
Labor Employ- Unemployment Census Ratios
Area Name Force ment Number Rate Emp Unemp
Sonoma County 249,500 238,600 10,900 4.4% 1.000000 1.000000 Rohnert Park city 23,100 22,100 1,100 4.6% N/A N/A
Santa Rosa city 87,400 83,400 4,000 4.6% N/A N/A
Windsor town 13,800 13,200 600 4.3% N/A N/A
State of California Employment Development Department (EDD) August 16, 2024, LMI Report
Labor Update
10 State of California Employment Development Department (EDD) August 16, 2024, LMI Report Employer Name MSA Industry Employee Size
Class
Medtronic Santa Rosa Physicians & Surgeons Equip & Supls-Mfrs 1000-4999 Providence Santa Rosa Meml Hsp Santa Rosa Hospitals 1000-4999 Amy's Kitchen Inc Santa Rosa Frozen Food Processors (mfrs) 500-999 County-Sonoma Trnsprtn-Pubc Santa Rosa Fire Departments 500-999 Mendocino Forest Products Co Santa Rosa Lumber-Wholesale 500-999 Sonoma County Office of Edu Santa Rosa County Government-Education Programs 500-999 Sonoma County Sheriff Santa Rosa Government Offices-County 500-999 Sutter Santa Rosa Regl Hosp Santa Rosa Hospitals 500-999 Army National Guard Recruiter Santa Rosa Government Offices-State 250-499 Freeman Toyota Santa Rosa Automobile Dealers-New Cars 250-499 Ghilotti Construction Co Santa Rosa Road Building Contractors 250-499 Kaiser Permanente Santa Rosa Santa Rosa Hospitals 250-499 Keysight Technologies Inc Santa Rosa Instruments-Measuring (mfrs) 250-499 Macy's Santa Rosa Department Stores 250-499
Santa Rosa Police Dept Santa Rosa Police Departments 250-499 America's Labor Market Information System (ALMIS) Employer Database, 2024 2nd Edition Labor Update
11 State of California Employment Development Department (EDD) August 16, 2024, LMI Report Geography: Santa Rosa MSA
Counties: Sonoma
MSA Code Geographic Area
Name SOC Code Occupational Title Mean Hourly
Wage
Mean Annual
Wage
Mean Relative
Standard Error
(1)
25th
Percentile
Hourly Wage
50th
Percentile
(Median)
Hourly Wage
75th
Percentile
Hourly Wage
42220
Santa Rosa,
CA 00-0000
Total all
occupations
$34.70 $72,180 0.5 $19.28 $25.61 $39.59
Vacancy Update
12 Industrial,
Office, Retail
13 Industrial
Office
Retail
6.4 Asawa Fountain Project Update
Arts and Culture Coordinator Meredith Knudsen
14 Asawa Fountain Project Update
• Hugh Futrell, Hugh Futrell Corporation, presented at Art in Public Places Committee on September 9, 2024. Discussion items included tile color, concrete color, Asawa Plaque • Meeting mid-September for next steps on submittal of plans and project timeline • Objective is to construct fountain in 4Q24 and beginning 1Q25
Potential Tile Colors
Enchanted Lighthouse Bay Waves
Asawa Panels
• Panels currently being stored with AtthoweFine Art
Services
• Contracted with Artworks Foundry for casting of bronze panel and install.
• Panels must be cast in bronze after fountain is built to ensure exact measurements
• Meeting with Foundry September 11
6.5 Events Update
Arts and Culture Coordinator Meredith Knudsen
18 Events
19 Event Support
Funding
Applications close September 12th
Community Promotions/ SRTBIA
Marketing outreach:
Event Management, Event Organizers, Event
Promoters, Meeting and Event Planners
Target:
21- 65+
30-mile radius each location
Events
20 Upcoming Events
9/14, 15, 21, 22 1 st annual Santa Rosa Open Studios: ov er 70 arti st studi os open f or two week ends. F ree, self-guided tour takes you into the studios of Santa Rosa's vibrant art scene.
9/15 Fiesta de I ndependencia at L uther B urbank Center f ree, f ami ly-friendly , campus -wide festival honors L atin A merican countries that recognize their independence during this month.
9/15 Bike MS : W av es to W i ne A 100-mi le f undrai si ng bi k e ri de f rom San F ranci sco to R ohnert Park on D ay 1. D ay 2 f eatures 40/60 mi le routes that start and finish in Rohnert Park cycling through Santa Rosa. 9/20 Hall of F lowers 'Cannabi s M arket & F esti v al’ T rade Show at Sonoma County Fairgrounds 9/17, 20 & 21 D owntown U nderground T our , T our de Creek T rai l B i ke R i de & Creek to Coast Cleanup D ay 9/22 8 th annual free R ai lroad Square M usi c F esti v al . 5 stages, all original and local acts with focus on diversity and representation of the many cultures that mak e Santa R osa speci al.
10/ 12 Kiwa nis Ha rve s t Art & Wine Fe s tiva l in Courthouse Square 10/12 Sonoma County Harvest Wine Fair at Sonoma County Fairgrounds highlighting our County’ s agricultural, industrial and recreational opportunities
10/25 Fall Fun Fest: R i des, games, tri ck-or-treating, inflatables, a costume contest and a kids dance party on the stage. 11/29 Winter L ights T ree L ighting Celebration
6.6 Key Performance Indicator (KPI) Discussion
Chief Economic Development Officer Scott Adair
21 6.6 Key Performance Indicator (KPI) Discussion
22 Labor Market Information
• Unemployment
• Labor Force Participation Rates
• Wage Data
• Employment Data By Industry
• Occupation Projections
Consumer Economic Indicators
• Consumer Price Index
• Median Home Price
• Home Sales and Inventory
• Commodity Tracking
Business Economic Indicators
• Permit Activity
• Closures and Openings
• Market Vacancy
• Target Sector Projections
• Tourism Data
Community Economic Indicators
• Commercial Tax/Fee Projections
• Private/Public Investment
Ratio’s
• Human Development and
Quality of Life Indices, etc.
End
Questions or Feedback on Future Presentation Items
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