Title
Approve, on behalf of the Economic Development Department, the Second Restated Memorandum of Understanding (MOU) for Multiagency Cooperation in the Implementation, Management and Marketing of the Salinas Valley Enterprise Zone (SVEZ).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Approve, on behalf of the Economic Development Department, the Second Restated Memorandum of Understanding (MOU) for Multiagency Cooperation in the Implementation, Management and Marketing of the Salinas Valley Enterprise Zone (SVEZ).
SUMMARY:
Approval of the Second Restated MOU will modify the First Restated MOU approved by the Board on June 21, 2011, which will revise the funding formula and the composition of the Salinas Valley Enterprise Zone Advisory Board. Attached are copies of: (1) a redlined version which reflects the proposed changes to the First Restated MOU, and (2) a clean version of the Second Restated MOU.
The total funding received by the Enterprise Zone will continue to be based on the total population of the participating jurisdictions, but the revised formula will be more equitable to jurisdictions, based on population and number of hiring/credit vouchers issued to the businesses within their jurisdictions. The County's contribution for FY 2012-13 was $26,200. Under the proposed funding formula in the Second Restated MOU, the County's membership contribution for FY 2013-14 is $21,800, which is $4,400 less than FY 2012-13.
On July 11, 2013, the Governor signed AB 93 and SB 90, which repeals the existing enterprise zone provisions and small business hiring credit program effective January 1, 2014, and replaces it with a new economic development program. As the operations of the SVEZ winds down, the participating jurisdictions are exploring ways of continuing partnerships which promote economic development.
DISCUSSION:
On January 30, 2009, the Salinas Valley Enterprise Zone received its final designation from the ...
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