TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary with private property owners in Long Beach to identify economic development projects and share costs to implement the Business Corridor Improvement and Property Beautification Partnership Program on private property, in an amount not to exceed $25,000 per property, as funds are available to support the program. (Citywide)
DISCUSSION
On April 4, 2017, the City Council adopted the Blueprint for Economic Development, which includes a recommendation to invest in proactive programs that support business expansion, business retention, grow sales tax and business licensing revenue, and support economic development initiatives in the City of Long Beach (City). On September 5, 2017, the City Council approved one-time funding in the amount of $450,000 for business corridor improvements, divided evenly among the Pacific Avenue, Anaheim Boulevard, and Carson Avenue business corridors. The goals of this funding was to invest in projects that improve property values, increase the volume of customers, and promote economic growth along commercial corridors identified by the City Council.
To implement these goals, the Economic Development Department (ED) is proposing a Business Corridor Improvement and Property Beautification Partnership Program (Program). The Program will be available to any individual property owner, group, or association of property owners located within the identified project areas on a first-come, first-served basis, as funds are available. Preference will be given to projects that have the potential to result in significant economic impacts to one or more businesses. Under the standard terms and conditions of the partnership agreement, staff will pursue cost-sharing opportunities to leverage private investment, but would not be a requirement of the Program. Expected projects completed under the Program include, but are not limited to, façade improvements...
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