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Council OKs $600K toward EDC

Economic Development Corporation will receive money for three fiscal years

Posted: April 9, 2013 9:31 p.m.
Updated: April 9, 2013 9:31 p.m.
 

Members of the Santa Clarita City Council voted unanimously Tuesday to approve $600,000 of funding for the Santa Clarita Valley Economic Development Corporation over the next three years, but only after adding additional review into the agreement.

Under the terms of the agreement, the Economic Development Corporation will receive $200,000 in funding from the city in each of the next three fiscal years.

The city has funded the agency at the same level for the last three fiscal years as well, but the City Council approved that funding on an annual basis.

Representatives from the agency at Tuesday’s meeting said lengthening the agreement is necessary to provide additional stability.

This would also give the agency more leverage to negotiate with businesses or investors, said Jonas Peterson, the president and chief executive officer of the Economic Development Corporation.

“Ultimately I believe we’ll be able to do our work better and generate more jobs in the Santa Clarita Valley,” Peterson said.

Peterson also said the goal is for the city’s investment in the agency to decrease over time.

The Economic Development Corporation is a partnership between the city, Los Angeles County and local businesses that focuses on attracting new business and industry to the Santa Clarita Valley.

The county also contributes roughly $200,000 a year to the agency.

Peterson said this public-sector investment is backed up by additional money from private sources, which he said adds up to about $3 to $5 for every $1 the city contributes.

He also said the agency had helped add or retain roughly 2,800 jobs in the Santa Clarita Valley in 2012.

Councilwoman Marsha McLean asked to include a provision in the agreement requiring annual reports to the council on the agency’s performance as a way of gaining additional oversight and “safeguarding the city’s dollars.”

The three-year agreement, with that provision, was approved unanimously by the council.

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