The city of Santa Clarita will give the newly formed Economic Development Corporation up to $200,000 to cover start-up costs and other operating expenses, city officials said.

The city is giving the corporation $75,000, and will match up to $125,000 in investments from the county, businesses and other organizations that the corporation receives, Santa Clarita City Manager Ken Pulskamp said.

For its investment, the city will also be given a seat on the corporation's board of directors, Pulskamp said.

The corporation, which is part of the city's 21-point business plan, will provide resources to local business' and provide new studies on Santa Clarita's local economy, he said.