Title
Receive a memorandum from Economic Development staff detailing Economic Development Accomplishments for FY23-24.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors receive a memorandum from Economic Development staff detailing Economic Development Accomplishments for FY23-24.
SUMMARY:
During FY 2023-24, Economic Development accomplished the following for each of the projects, programs and collaborations listed below:
Attraction, Retention and Expansion Projects: Provided economic development assistance to over 50 businesses. Provided 12 attraction leads from the Governor’s Office of Business and Economic Development (Go-Biz). Successfully retained Joby Aviation (250SF and about 600 jobs). Attended and presented at several events, including Monterey Bay DART Symposium, Monterey Rotary, Salinas Valley Chamber of Commerce, Team California, and Monterey Peninsula Chamber of Commerce. Represented the County at the local Internation Council of Shopping Centers (ICSC) and met with several retailers.
Economic Development Set-Aside Program: During FY23-24, the Economic Development Committee reviewed, revised, and recommended changes to the DSA program. This consisted of updated guidelines, criteria and funding. New allocations for funding were approved by the Board of Supervisors. Staff is currently working on a revision to the program guidelines as directed by the Board of Supervisors.
Small Business Revolving Loan Fund (SBRLF) and City Partner Collaborations: The SBRLF issued seven (7) loans to six (6) businesses totaling $1.2M. The SBRLF is now limiting new loans to $50K or less due to limited availability of funds. Economic Development along with Cal Coastal continue with marketing efforts to engage small businesses throughout the County. Economic Development continues to engage with the City of Marina & University of California Santa Cruz regarding MBEST initiative. Economic Development regularly attends Central Coast Marketing Team (C...
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