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City looks to bonds for help in ‘recovery zones’

Posted: October 27, 2009 9:31 p.m.
Updated: October 28, 2009 8:00 a.m.
 
Aiming to boost Santa Clarita’s economy, the city has taken preliminary steps to make available $13,270,000 in federal bonds to local businesses.

The city has designated certain areas as “economic recovery zones,” a distinction that will eventually allow businesses in those zones to apply for federal bonds, said Jason Crawford, the city’s marketing and economic development manager.

Almost all of the about 6,000 businesses in the city will be eligible for the grant, he said.

The bonds could be used by businesses for expansion and equipment purchases, Crawford said.

The move is only the first step in the process. Businesses will still need to get authorization from the city before any bonds are issued.

Within the recovery zones, the city could also apply for $8.8 million in federal bonds to pay for public projects, Crawford said.

The city has yet to determine whether using the bonds would save Santa Clarita money, he said.   

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