TITLE
Recommendation to, by motion of the City Council, request City Manager to report to the City Council what steps are necessary to create a Clean Technology Enterprise Zone in Long Beach that would provide opportunities, incentives and training for clean tech businesses willing to locate here.
DISCUSSION
Several cities in California have already recognized the potential economic power of encouraging businesses focused on renewable energy and enefgy efficiency to locate
within their boundaries. These cities have created a number of incentives to attract clean tech businesses and are working closely with local educational institutions to develop training programs for clean tech workers. Wisely, these cities have added business assistance centers, cleantech incubators, and industfy network associations to promote these efforts.
In 2008, the City of Sacramento was announced as one of 12 U.S. cities to receive a Solar America Cities grant from the U.S. Department of Energy. Part of the grant was earmarked to develop the designated Clean Tech Zone into a successful business environment focused on renewable energy and energy efficiency. The City of Sacramento asked that the scope of this project focus on solar and solar supply chain products as a key energy sector that can serve as an anchor technology and catalyst for the development of the area.
The Sacramento Clean Tech Zone offers the following incentives to businesses:
•Expedited permitting provided by Development Services Department and eligible companies may receive redevelopment and job training funds offefed by regional partners. In addition, all companies may be eligible for Small Business Administration (SBA) loans, I ndustrial Development Bonds (IDB) and venture capital funds.
•Other benefits include:
Enterprise
•Sales tax credits on qualified property
•Wage tax credits for five years for hiring eligible employees
•100 percent Net Operating Loss Carryovers available up to 15 years
•Rapid Depreciati...
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