City, business group marriage sealed
Santa Clarita council approves three-year contract with local economic corporation worth $600,000
Santa Clarita City Council members renewed a three-year, $600,000 contract with the Santa Clarita Valley Economic Development Corp. at its regular meeting Tuesday.
The contract started as a $200,000 agreement that established the corporation in 2009, according to city documents. The council has approved yearly investments of $200,000 until 2013, when the investment was given on three-year cycles.
The SCVEDC has identified the following among its goals for 2018 business attraction and retention and expansion efforts: attract businesses in target industry clusters to the nearly 500,000 square feet of new industrial development currently underway in the SCV and develop prospects for future planned development; provide business assistance to at least 75 SCV companies, with an emphasis on companies in target industry clusters; and continue fostering growth in the SCV startup and entrepreneurial community.
Any future investment, beyond what is approved by the City Council through their approval would be determined by the City Council, and contingent upon the measurable successes of the SCVEDC and future city priorities, according to city officials.
“Since its formation, the SCVEDC has expanded from its roots in business attraction to include business retention and assistance, and support for entrepreneurship and the startup community.
The SCVEDC focuses on target industries of aerospace/defense, digital media/entertainment, information technology, bioscience/medical device, and advanced manufacturing,” city documents said.
The corporation has assisted more than 100 companies and attracted or retained 2,000 jobs in the region, according to city documents.
“The SCVEDC supported a number of expansions of SCV businesses, including Lief Organics, ADCO Products, and Accurate Freight. All target industries were represented, including: the attraction of aerospace companies Nasmyth and AS Aerospace; the expansion of Santa Clarita Studios; the expansion of Set Point Medical; and the retention of Boston Scientific. The results of the previous years’ efforts were evident, with the construction of the new headquarters for Logix Federal Credit Union underway and the expansion of technology company Scorpion, which moved into its new headquarters in November,” city documents said.