ECONOMIC DEVELOPMENT STUDY
2023 Annual Report
City Council Meeting
June 4, 2024
Agenda Item 16.1
,
Background
AB 562 effective January 1, 2014
Requires local governments report economic
development subsidies over $100,000
Current Reporting Period – 2023
Comprehensive report of all qualifying
programs
Stockton Economic Stimulus Plan (SESP)
Public Facility Fee Reduction for Non-
residential Projects
Greater Downtown Stockton Residential
Development Public Facilities Exemption
Downtown Infill Infrastructure Program
Office and Industrial Sales Tax Incentive
Program
Qualifying Programs (≥ $100,000 Subsidy)
Subsidy Amounts
8,764,165
1,463,166
$- $-
2,960,637
$-
$1,000,000.00
$2,000,000.00
$3,000,000.00
$4,000,000.00
$5,000,000.00
$6,000,000.00
$7,000,000.00
$8,000,000.00
$9,000,000.00
$10,000,000.00
SESP PFF NON-
RESIDENTAL
GREATER
DOWNTOWN
INFILL SALES TAX
GRAND TOTAL FOR ELIGIBLE PROGRAMS = $13,187,968
Employment Impacts
Total Number of Jobs Created: 2,896
Jobs for Stockton Residents: 1,667 (57.56% of total)
SESP RECIPIENTS
REQUIRED TO HIRE AT
LEAST 50% STOCKTON
RESIDENTS
JOB CREATION DATA
TRACKING IS NOT
REQUIRED BY THE
REMAINING REPORTED
PROGRAMS
Staff Recommends
Accept the Economic Development Subsidy 2023
Annual Report; and
Authorize the City Manager to take appropriate
and necessary action to carry out the purpose
and intent of this motion.