HomeMy WebLinkAbout1995-06-13 - AGENDA REPORTS - EDA PROJ FUNDING (2){
Cit anager pproval
Item to be presented by: Mk t\k�
Donald R. Duckworth
NEW BUSINESS
DATE: June 13, 1995
SUBJECT: EDA Project Funding
DEPARTMENT: Community Recovery Agency
The Economic Development Administration (EDA) allocated approximately $5 million dollars to the
City of Santa Clarita following the Northridge Earthquake. FDA's expectation is that the City
demonstrate a commitment to leveraging the EDA investment and support job creation and retention.
After an extensive review process, EDA has given initial approval of five (5) projects (see attached
projects summary) totaling $837,000, that meet the requirements of the EDA Grant.
These proposals represent over $18.4 million in private sector dollars leveraged against $837,000 in
EDA dollars and the addition of 400 new jobs, and the retention of approximately 200 jobs in the
Santa Clarita Community. Although no recommendations have been formalized at this point for the.
allocation of the remaining $4 Million dollars, in order to meet EDA time guidelines for
i nplementation, staff intends to bring additional recommendations for City Council's consideration
within the next 30-60 days. The proposed $837,000 fund expenditure will be addressed within the
scope of the 1995-96 Operating and Capital Improvement Budget.
Approve the proposed EDA projects outlined in the attachment, for recommendation to and final
approval by the EDA.
EDA Project Funding
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EDA Project Funding
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Implementation
Project Title
EDA Project
Leveraged Funds
Economic
Responsibility and time
Description/Expenditures
Benefits
estimate
RKR Development
$160,000 EDA
RKR will invest
$8.5 Million
City Engineering will be
Magic Mtn. Parkway
Construction of median
approximately $8.5
New Construction
responsible for
Median Strip/ Landscaping
strip/landscaping on
million in new retail
Investment; 250
implementation completed
Magic Mtn. Parkway
center development
new jobs.
within approx. 12 months.
Answer Products
$77,000 EDA
Answer Co. will invest
$3.0 million
City Engineering will be
Industrial Park Road
Toward construction of
approx. $3 million of
New Construction
responsible for
Construction
Newhall Ranch Road
private funds in a new
lnvestnient, 45
implementation, completed
within the Valencia
Answer manufacturing
new jobs over
within approx. 24 months.
Industrial Park
facility.
next 3 years.
improvement district.
Mountasia Development
$150,000 EDA
Construction of Right turn
Mountasia Co, Will
invest approx. $4.5
$4.5 million
New Construction
City Engineering will be
responsible for
Soledad Right Turn Pocket
pocket off of Soledad Cyn.
million in new
investment; 70
implementation, completed
Rd. at Golden Oak Rd.
entertainment center.
new jobs,
with approx. 12 months.
TOMAL Development
$150,000 EDA
TOMAL will invest
$2.4 million
City Engineering will be
Soledad Right Turn Pocket
Construction of Right turn
approx. $2.4 million in
New Construction
responsible for
pocket off of Soledad Cyn.
new construction.
investment, 35
implementation, completed
Rd.. At Ruther Road.
new jobs.
within approx. 24 months.
Santa Clarita Valley
$300,000 EDA
$300,000 leveraged
Creation and
Economic Development
Economic. Development
($100,000 annually), Tech
against general fund
retention of 1,000
Manager responsible for
Strategy Implementation
Assistance funding for
revenues of the City of
jobs over the next
implementation and
Econ. Dev; mktg and
Santa Clarita Economic
three years.
retention program.
retention program, to
Development
Completed within 36
implement Econ. Dev.
Department.
months.
Strategy (Strategy
developed under EDA
planning grant, 8/95
completion dale)..
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