#United States #Santa Fe Springs #BIG 4 partnership #Business Incentives

Santa Fe Springs Unveils Business Growth Initiative

Yesterday, the City of Santa Fe Springs celebrated a pivotal moment for local economic development by hosting a high-profile luncheon at the Historic Clarke Estate. The gathering marked the unveiling of the city's newly developed Business Growth and Attraction Program, an initiative aimed at making Santa Fe Springs a leader in California's business landscape.

At the event, city officials, real estate experts, and corporate executives came together to discuss the program's innovative incentives and expansion plans. Mayor William K. Rounds and City Manager René Bobadilla kicked off the event by highlighting the city's competitive advantages, underscoring its status as an economic powerhouse with over 54.7 million square feet of industrial and commercial space.

The Business Growth and Attraction Program comes with a suite of nearly two dozen new business incentives, designed to attract and retain companies looking to thrive in this vibrant community. Some of the key incentives include:

• - Low-interest loans for capital expenditure and buildouts
• - Sales tax rebates that benefit both new and existing businesses
• - Lease rent subsidies to ease financial burdens
• - Corporate relocation subsidies aimed at enticing businesses to move to the area
• - Fast-tracked plan reviews, reducing approval times by 25-50%
• - Enhanced Infrastructure Financing District options to support development projects

These incentives are part of the city’s strategy to develop a new downtown district that includes mixed-use housing, retail spaces, offices, hospitality venues, and community public spaces. The plans outline a vision for Santa Fe Springs that promotes an ideal live-work-play environment.

A key component of this initiative is the collaboration with the newly formed BIG 4 partnership, which consists of Santa Fe Springs along with the neighboring cities of Commerce, Industry, and Vernon. This coalition aims to amplify the economic impact of the four cities, which collectively represent only 0.69% of Los Angeles County's footprint but boast an impressive 24% of its total industrial square footage. This positions the BIG 4 as pivotal players in the region’s economic development.

During his remarks, Mayor Rounds stated, "With our new business incentives and downtown plan in motion, developers in both the commercial and residential sectors will find fresh opportunities in our city. Together, with our BIG 4 partners, we're moving collaboratively to shape the future of economic development in Los Angeles County for generations to come."

City Manager René Bobadilla echoed these sentiments, emphasizing the unique position Santa Fe Springs holds within the Southern California market. "We're leveraging our collective strength to attract new industries, create jobs, and maintain California's competitive edge. Our innovative public-private financing options and streamlined regulatory processes will galvanize growth and allow us to compete with other states like Texas and Arizona."

The luncheon featured a virtual keynote address from U.S. Representative Linda Sanchez, who highlighted the importance of local leadership in enhancing the business environment across California. Her words reiterated the significance of collaboration between cities, businesses, and local partners to ensure sustainable growth and economic vitality.

Moreover, a panel discussion involving leaders from renowned companies such as Amazon and Primestor Development revealed the intricate challenges and opportunities currently impacting California's economic landscape. The conversation was expertly moderated by Dr. Wesley Yin, former Chief Economist for the White House Office of Management and Budget, who guided discussions on the need for cohesive leadership and clear projections for future growth.

As discussions unfolded among industry executives including Ron Frierson from Amazon and the Executive Director of The Roden Company, the focus remained on creating an environment where job retention is as vital as job creation. They expressed concerns regarding rising operational costs and the crucial need for incentives that facilitate business sustainability amid increasing overheads.

Summing up the event, Senator Bob Archuleta spoke about the unique role the BIG 4 cities play in the economic vitality of Southern California.