Garden Grove Journal
The city leaders will meet in an adjourned session at 5 p.m. in City Hall, 7800 Katella Ave., to weigh the alternatives suggested by staff to create an economic development program.
Tuesday’s meeting was originally planned to also include recommendations to cut $1 million from the municipal budget, but that issue will be pushed back, possibly to the April 24 meeting.
Stanton, like other cities, is facing financial pressure through a combination of the lingering effects of the Great Recession, the state’s end of redevelopment authority and the rising cost of police and fire protection.
Among the specific programs listed for consideration are:
• industrial development bonds, aimed at manufacturing and processing plants;
• EB 5 funds, which fast-track the resident status of foreign nationals and their families in exchange for investments of $500,000 to $1 million;
• HUB zones (historically underutilized business) giving communities preferential access to federal procurement opportunities. Two HUB zones exists in Stanton.
• Enterprise zones, providing tax incentives for business investment in economically distressed areas.
• Property tax credits, usually aimed at large businesses such as car manufacturing plants.
• Waiver of business license fees, allowing new businesses to save at least $147 in costs.
• Fee deferral program, allowing for a delay in paying development impact fees on new projects.
• Business loans, typically from state and federal sources including the Small Business Adminstration.
• Local sales tax credit, a partial refund of the sales taxes owed the city to offset the costs of the investment made to a property.
• Waiver of permit fees, up to 45 percent of fees for businesses willing to open a new location in Stanton, or relocate their headquarters to the city.