|The City of Chula Vista joins the California Department of Housing & Community Development in announcing the expansion of California’s most successful job creation, and business assistance program to parts of Eastlake, Otay Ranch and Auto Park areas in Chula Vista.
The “San Diego Regional Enterprise Zone” program already includes western Chula Vista’s industrial and commercially zoned properties, National City and parts of the City of San Diego. The Enterprise Zone program uniquely provides certain employment areas with tax incentives that connect private capital investment to job creation. The program also promotes hiring credits for employing eligible workers like military veterans or welfare recipients.
In 2010 and 2011, approximately 100 Chula Vista businesses received an estimated $20 million dollars in tax credits per year from hiring more than 2,000 employees through the Chula Vista Enterprise Zone program.
“The Enterprise Zone program is a proven job creator and competitive advantage for expanding businesses. Chula Vista has a portfolio of quality commercial and industrial sites available at competitive rates that can use the lucrative Zone incentives to put people throughout our region back to work,” said Chula Vista Economic Development Director Michael Meacham. “The Zone expansion comes at a critical time in our region and will provide another 700 Chula Vista businesses with the opportunity to expand their goods and services, create quality jobs and compete in the national and international markets.”
For more information on the Enterprise Zone, visit www.chulavistaca.gov/business. The site includes information for businesses about incentives and Zone boundaries and for residents looking to verify their employment eligibility. Or, please contact Craig Ruiz at the City of Chula Vista Economic Development Department, email@example.com or (619) 691-5248.
About the San Diego Regional Enterprise Zone:
The San Diego Regional Enterprise Zone (SDREZ) is a regional collaboration between the cities of Chula Vista, National City, San Diego, and the Unified Port of San Diego. On November 20, 2006, the California Department of Housing and Community Development designated the San Diego Regional Enterprise Zone. The San Diego Regional Enterprise Zone encompasses an area of approximately 39,000 acres and includes significant portions of the cities of Chula Vista, National City, and San Diego.
Program benefits include:
· Hiring Credits for Hiring Eligible Workers
o Up to $37,000 per eligible employee over 5 years
· Equipment Sales & Use Tax Credits
o Maximum of $1.55 per year for eligible manufacturing & communication equipment purchases
· Accelerated Equipment Depreciation
· Benefits to Lenders for Loans to Businesses in the Enterprise Zone
About the California Enterprise Zone Program:
The California Enterprise Zone Program was established to encourage investment, growth, development and job creation in economically distressed areas of the state. The program offers employers business and tax incentives to locate and succeed in designated communities and to employ local residents. There are 42 zones in California and thousands of businesses located within them that may be eligible for the program. Approximately 1.5 million people work in California’s Enterprise Zones, accounting for 10 percent of the state’s workforce.
Posted: September 19, 2012