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UPDATE: Financial incentives offered to businesses that move to the SCV

Posted: March 6, 2014 2:30 p.m.
Updated: March 6, 2014 2:30 p.m.

A new financial incentive is being offered to companies that relocate to the Santa Clarita Valley, the SCV Economic Development Corporation announced on Thursday.

At its annual Economic and Real Estate Outlook conference, the SCVEDC said it is launching a program, in partnership with Los Angeles County, to attract new businesses in the region’s existing core industry clusters.

The Industry Cluster Attraction Incentive Program awards up to $40,000 to each qualifying company to help defray the costs of permitting during relocation.

To qualify, companies must begin operations in the Santa Clarita Valley with at least 40 employees.

Because it’s designed to grant $40,000 to companies with at least 40 employees, informally the program is referred to as the “Forty for Forty” program, said SCVEDC President and CEO Holly Schroeder.

“This program is designed to support growth in our target industries of aerospace, medical devices, manufacturing, entertainment and information technology,” Schroeder said.

“This incentive demonstrates our commitment to being pro-active in recruiting these sectors to the Santa Clarita Valley,” she said.

“We know that the Santa Clarita Valley, with 30 million square feet of industrial and office space, including 2 million square feet of new construction, offers tremendous opportunities for businesses,” Schroeder said.

“But the decision to establish a new operational location is a big one for any company. This incentive helps defray permitting costs so companies can find the location right for them,” she said.

The SCVEDC is actively working with a list of companies believed to be good candidates to relocate and join the industry clusters in the region because they already have connections to businesses operating locally, Schroeder said.
Qualifying companies also need to purchase their property or sign a five-year lease, according to the presentation made at the Outlook conference.

The incentive program is funded with $200,000 and the SCVEDC announced that the opening date to receive applications is after March 15.



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