City's
Economic Development Prepares Locally for Economic Recovery Plan
As part of
Economic Development's efforts to assist local businesses and attract targeted
industries during this tough economic time, staff is bolstering its business
retention, expansion and attraction programs through increased outreach and
continued partnerships with area partners.
Efforts over the next year include:
- Working with the Sacramento Area Commerce and
Trade Organization to increase business recruitment and expansion activities
among targeted industries. The goal is
to generate nearly 1,000 jobs over the next year.
- Increasing business retention outreach efforts by
contacting more than 100 key companies locally to deliver business assistance
programs.
- Collaborating with Sacramento
County and the City of Rancho Cordova to obtain
a larger Enterprise Zone designation, which will increase the number of companies
eligible to take advantage of special tax benefits.
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City
Collaborates with Local Jurisdictions on Enterprise Zone Renewal Application
The City of Sacramento, along with Sacramento County
and the City of Rancho Cordova,
is submitting an application to renew and enlarge the state's Enterprise Zone
designated area.
The proposed zone, focusing
primarily on industrial/ commercial areas within these jurisdictions, will help
to encourage economic expansion and continued investment by offering tax advantages,
hiring credits, and other incentives to business that locate within the zone
boundaries.
If approved, the new zone designation will help to:
Stimulate development by providing tax
benefits to encourage owners to reinvest in their businesses
Create jobs by helping businesses hire
people who may have barriers to employment
Provide an economic
development tool to boost California's
competitiveness
It's expected that the jurisdictions will know the outcome by mid-summer.
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Mel Rapton
Honda Opens New Dazzling Digs
Nearly five years
in the making, the City welcomed the Mel Rapton Honda auto dealership, which
relocated from Fulton Avenue
to the former Sacramento Trapshooting Club near the Haggin Oaks Golf
Complex. The brand new dealership,
leaving its previous outdated home of almost half a century, sits on 10-acres
of city-owned land opened in early February.
The $23 million dollar
public-private investment translates into a lavish 77,000 square foot facility
and a service area twice the size of their previous location.
The relocation
netted the city with 125 jobs, and will inject more than $900,000 annually in
sales tax and lease payments.
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City Breaks Ground on Riverfront Promenade
Spurring development on the Sacramento
waterfront, Economic Development broke ground on a $5.4 million project mid
February  to extend the existing promenade.
The project furthers
recreational opportunities and highlights a natural Sacramento amenity by providing additional
public access to the riverfront, which includes:
- Adding
an alternative connection from downtown via R Street
- Constructing
a 20-foot wide pedestrian and bicycle path that will include benches and
landscaping to nearly three quarters of a mile of river frontage
- Building
an almost half an acre city park at R
Street newly
named as Pioneer Landing
This catalyst
project is an initial in realizing the
City's vision to develop 30-acres along
the Sacramento River waterfront, immediately adjacent
to the promenade, into a vibrant mixed used neighborhood.
More information
about the Docks redevelopment can be found here.
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Entertainment
Complex on K Street Gets Green Light
Sacramento City Council recently gave the green light to move forward
with a project to bring a new entertainment complex to 10th and K -
an essential development that will add to the existing momentum to eliminate
vacant storefronts on the 1000 block and strengthen the area as a regional
entertainment district.
 The planned
project will add three venues on the block, including a dance club for the over
30 crowd, a vintage "dive bar", and a rustic gourmet pizzeria. It's
expected that work will begin next month and could be completed by year end.
Once operational,
the venues would bring in an estimated $447,000 in annual tax revenue, create more
than 100 jobs and attract nearly 4,000 to 5,000 patrons to downtown each week.
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Greyhound
Approved to Move
The City has entered into a lease with Greyhound
to move its downtown terminal, currently on 7th and L streets, to a new bus facility
on Richards Boulevard, north
of the Railyards.
The new terminal will be located at 420 Richards Blvd.
on vacant City-owned property.
 The
River District location will allow Greyhound to function more efficiently and provides
an opportunity for better utilization of the existing downtown site for more intense
and compatible uses.
Additionally, a portion
of the rent will be reinvested in Downtown, River District and Railyards
redevelopment projects.
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Streetscape
Project Gets Underway
The City of Sacramento, Regional
Transit and Downtown Sacramento Partnership officially broke ground on the
first phase of the K Street Streetscape project late February.
The $4 million dollar effort will include
improvements to the 700 block of K Street, St. Rose of Lima Park and the east
side of 7th Street, between K and L streets. 
As the first
major renovation of K Street
since the late 1980s, the initial phase will focus on three major updates and includes:
-
Streetscape improvements with new and improved design treatments,
including consistent paving materials, street
furniture, trash receptacles, landscaping, and lighting.
- Renovation of
St. Rose of Lima Park bringing new hardscape paving, lighting, park furniture and an
interactive water feature.
- Relocation of the existing RT
platform station from the 700 block of K
Street to the east side of 7th
Street, just south of the K-L alley. The new station will incorporate new lighting
and street furniture.
More information can be found at www.kstreetscape.com.
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