Enterprise Zone Approved
In an effort to induce job growth and business expansion, the California State Department of Housing and Community Development approved the Sacramento Enterprise Zone--an expanded multi-jurisdictional zone within the cities of Sacramento and Rancho Cordova, and the County of Sacramento in mid-August. The team is currently finalizing details on the new approved zone, which should be finalized in early 2010.
"Enterprise zones are an important economic development incentive that provides millions of dollars in tax benefits for those companies that reside in the zone," says Dean Peckham, senior project manager. "The expansion of our current zones will help hundreds of businesses--something we truly need, particularly during economic times like these."
The newly expanded zone will encourage economic expansion and continued investment by local companies. The enterprise zone offers tax advantages such as , hiring tax credits, a rebate on the sales and use taxes paid on equipment used in the zone and other incentives to business that locate within the zone boundaries.
Contact Dean Peckham at 916.808.7063 for more information.
Economic Development Web site Gets New Look
Economic Development just launched its newly revamped Web site. The new site features up-to-date information on department-specific projects and programs.
In addition, companies looking to locate in Sacramento can now fill out an online site selection form and submit to staff, obtain information on loan and incentive programs, and learn about our redevelopment areas.
"The site is one of many improvements we are making to become more relevant online," says Jim Rinehart, economic development manager. "In the coming months, we will have additional tools to make it even more interactive, introducing social media to the fold and to create more exposure for the department and the City."
Users can also subscribe to an e-mail alert service anytime to get timely information on projects and news. Check it out!
Request for Qualifications for Mixed Use Development on K Street's 700/800 Block Released
Last week, Economic Development released a Request for Qualifications (RFQ) for a transformative mixed use development project for the Agency-owned properties on the 700 and 800 blocks of K and L streets. The envisioned use for the south side portion of the 700 block, between K Street and the alley, would include destination retail in the existing historic buildings with potential for stepped back additions in the rear of the buildings. The 800 block of both K and L is envisioned as a mixed-use development with ground floor retail, as well as residential or office uses above.
"The revitalization of the JKL Street Corridor continues to be a top priority for the City," says Leslie Fritzsche, downtown division manager. "We are working on a number of fronts to make sure the vision is realized."
In addition to the RFQ, Economic Development is working on several key projects on J, K, and L Streets to further activate the downtown's urban core. Key projects include:
· Relocating Greyhound from 7th and L streets to the River District which will make way for a more compatible use at that critical corner
· Studying the feasibility of introducing cars back on to K Street between 8th and 12th streets
· Developing and implementing an activation strategy that identifies and maximizes retail uses in the downtown
· Working with Westfield Downtown Plaza on ideas to re-energize the center
A copy of the RFQ is available here. Responses to the RFQ are due on February 26, 2010. Economic Development hopes to have a new development team for the two blocks identified by the second quarter of 2010.
$500,000 Earmarked for Small Business Energy Efficiency Pilot Program
In November, City Council approved $500,000 in grant funding to initiate an energy efficiency pilot program targeting small businesses. Working collaboratively with the Sacramento Municipal Utility District (SMUD), the rebate program will provide comprehensive and cost-effective energy efficiency upgrades - from lighting retrofits and refrigeration to HVAC improvements and vending machine controls.
The program, aimed to save energy as well as improve local small businesses' bottom line, will be available to all small businesses within the City of Sacramento mid-2010.
Contact Lorrie Lowry, business retention manager for Economic Development, for more information.
Waterfront Project Specific Plan Approved
The City's revitalization efforts for the Sacramento waterfront continued with City Council's approval of the Docks Area Specific Plan this month.
The plan, covering approximately 30 acres of underutilized land, will set the stage for the Docks Area development project by determining how the area will develop in the future.
The overall vision for the Docks is to create a high-density mixed use neighborhood with 1,000 residential units, 200,000 square feet of office and 43,000 square feet of retail. The proposed development project will not only connect Old Sacramento to Miller Park, but will create a destination along the Sacramento River.
For more information on the Docks Project, follow this link.
$5.9 Million Ebner/Empire Hotel Project Underway
Leveraging more than $2.5 million in new private investment to Old Sacramento, the Ebner/Empire Hotel project will replicate the original 1856 hotel and add to the Gold Rush-era ambiance of the historic district. This 24,500 square foot building will activate the K Street walkway, between Front and Second streets, by providing attractive ground floor retail as well as second and third floor office space.
This project, partially funded by the City's Downtown Redevelopment Agency, will add to other redevelopment efforts, including the recently completed Orleans Hotel apartment development.
In mid-August, City of Sacramento Mayor Kevin Johnson Councilmember Ray Tretheway, and the development team celebrated the start of $5.9 million mixed-use investment. The project is expected to be completed in summer 2010.
In other Old Sacramento news: The developer of the Orleans residential loft project recently opened
Ten22, a 6,000 square foot restaurant offering casual American cuisine. The City's Downtown Redevelopment Agency invested $650,000 for tenant improvements.