ECONOMIC DEVELOPMENT SUBSIDY2024 Annual ReportCity Council MeetingJune 3, 2025Agenda Item 16.3 BackgroundAB 562 effective January 1, 2014
Requires local governments report economic development subsidies over $100,000Current Reporting Period – 2024 Calendar Year Comprehensive report of all qualifying programs within 5 years of economic subsidy
Qualifying Programs (≥ $100,000 Subsidy)1. Stockton Economic Stimulus Plan (SESP)2. Public Facility Fee (PFF) Reduction for Non-residential Projects (part of SESP)3. City-Wide Affordable Housing Development Public Facilities Fee Exemption Program4. Office & Industrial Sales Tax Incentive Program Subsidy Amounts
GRANDTOTALFORELIGIBLE PROGRAMS= $6,950,550
$2,410,273
$563,054
$1,913,475$2,063,748
$- $500,000.00 $1,000,000.00 $1,500,000.00 $2,000,000.00 $2,500,000.00 $3,000,000.00
SESP PFF NON-RESIDENTAL AFFORDABLE HOUSING SALES TAX
MILLIONS
2024 Employment Tracking
SESP RECIPIENTS REQUIRED TO HIRE AT LEAST 50% STOCKTON RESIDENTS OFFICE AND INDUSTRIAL SALES TAX INCENTIVE PROGRAMNumber of Jobs Created: 478 Number of Jobs Created: 40(Create or retain a minimum of 10 full-time equivalent (FTE) jobs) Staff Recommends
By Motion, Accept the Economic Development Subsidy 2024 Annual Report