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HomeMy WebLinkAboutMINUTES - 11061990 - 1.83 1-083 TO:� REDEVELOPMENT AGENCY FROM: PHIL BATCHELOR, '` `L'r :, Ccnlra EXECUTIVE DIRECTOR .:. �a DATE: October 30, 1990 '. COLM SUBJECT: City of Richmond Enterprise Zone SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS Accept report from Redevelopment Director on the City of Richmond's . preliminary application for State of California Enterprise Zone Program. FISCAL IMPACT No direct fiscal impact. The proposed Richmond Enterprise Zone does not include any unincorporated territory. Indirect impacts may occur as outlined below. BACKGROUND/REASONS FOR RECOMMENDATIONS The City of Richmond is submitting a Preliminary Application to the State for designation as an Enterprise Zone. The proposed Enterprise zone contains a significant portion of the Central, south and west incorporated Richmond area. (Map attached. ) A State designated Enterprise Zone provides special tax incentives to businesses to create an environment that is conducive to business attraction and expansion. These tax incentives include earning up to 1; $19, 000 per employee for firms hiring qualified employees; up to $1. 2 million on machinery and parts, and carrying unused tax credits over to future years to stretch the benefit of the initial investment. No revenue source to the County is directly effected. The Enterprise Zone would enable access to these tax incentives for those businesses within or to be attracted to the Zone. ; The Enterprise Zone should promote economic development activity within the Zone. CONTINUED ON ATTACHMENT: X YES SIGNATURE: - 2 RECOMMENDATION OF EXECUTIVE DIRECTOR RECONIlUENIDATION O GENCY OMMITTE APPROVE OTHER 7 SIGNATURE(S) : ACTION OF AGENCY ON November 6, 1990 APPROVED AS RECOMMENDED X OTHER VOTE OF COMMISSIONERS I HEREBY CERTIFY THAT THIS IS A X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT AGENCY ON THE DATE SHOWN. cc: Redevelopment Director ATTESTED November 6, 1990 CAO PHIL BATCHELOR, Auditor-Controller AGENCY SECRETARY County Counsel ` BY a , DEPUTY SRA8/jb/richzon.bos(dw4) Potentially the County and its Redevelopment Agency could be indirectly impacted because the City of Richmond could lure economic development opportunities away from the unincorporated North Richmond Redevelopment Project Area with the Enterprise Zone incentives. The potential adverse economic impacts to Contra Costa County could come from: (1) loss of business operations within the unincorporated area to the City of Richmond; (2) loss of sales tax revenue; and (3) loss of property tax revenue. Staff is unable to quantify such an impact, nor even determine whether it is an adverse one. Staff examined the Enterprise Zone designation for the North Richmond area. It was concluded that such a designation, at this time, would be : premature because the area does not meet the requirement of having a minimum of 51% of the proposed zone area zoned for commercial and industrial uses. A majority of the proposed zone area would need to be rezoned prior to submitting an application. I alf9tf s:)O 54 FAX 415 6''20 6716 CITY OF RICHMOND 002 +� 4 TL CN 17• ,,s""^a1.yr�{ '.j,+; y: +1- + .: Lk' I,•{i'i .,mLni tt ♦ i it itli'l 1114 t: \ t �fi 4« ? r.,,,y' :.►=M� -� � «� 4i�iiet ti+ i7 �t o si'' 1��g}?�"+1 # r.=iz f f f �' � ;t't T 7 i (�� �• '• � �•h^rt�t'+ .a i d O V A? ti?i!Q t e .� 4 _I• !I � .t, .��•. �ixtT I,'�� i,.. f •«'� � f}tib .i. '; i! = t + f � � :=._.�It:;.`�.,�S+T. �•�i *• T � 'F Y.= +i ,r'1�'�S T w.�i r!ri l'�„iAr rA:'.. �. 4 t• ? •r �r -:_-. ! ! rrl 7ci! w -+': - fief 12 ,�f t O�ilit' t.L•t: + .. r, _ - r' o�,,, � � � t } -Yti_ 7« ? ti£ �I {i7 i jl F '_ - - 4 .7"• I" � { Y �� l " _ ,ilt z - 1. L I4 `' �{ ` i. '„ i �,�, ► 1 r i� Ul r 515 g s; , �itfitii?]SF -1r, � +' :'LT"�.� `_ : r -- ,• � � ��s0�`�N/xx[t �'� ,.. �,• Z'� n df V �� � C7 � i } A •f•i' } I.ifi !/� � f� � a c tJ p•.. a. i7 w u : © ,•AAS +c t h7 fi P pC f- C= +) t ©�"., GC`s 7 !� .,'f" —�� ��"., '`.. � � } � ' ,• ( j ``7 !r M °°• N f �` •�' % a i jt r > Z!