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8/19/2009 |
Chamber |
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Aug/September Newsletter-Economic Development in Hard Times |
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With the trailing impacts of recession still in the foreground of our day-to-day workscape it is encouraging to see some positive local news. Encouraging developments include:
Sentinel Building
. New capital investment is a key indicator of business confidence. The commitment of an investment group including Ecology Action, Cruzio, and Joe Appenrodt submitted the high-bid to acquire the Sentinel building. They propose to retrofit the structure to meet Platinum LEED Certification standards and to move Cruzio and Ecology Action, both strong and growing local enterprises, into the space together with other commercial offices.
Tannery Arts Center – And Protection of RDA Funding.
The blow of the State’s ‘piracy’ of $3.7 million in Redevelopment Funds from the City of Santa Cruz RDA has been largely offset in the current fiscal year by two grants. Each grant permits the other to be counted as match. This and some other internal savings will free-up enough RDA reserves to cover the agency’s current operations. These grants will help fund the construction of Phase II of the Tannery Arts Center, the project’s studio space and the piece likely to have
the greatest economic impact. This very positive bit of news was followed by another: the Hewlett Foundation has notified the City of a $2 million grant for Phase III of the project, the first major contribution to the development of a performing arts center at the Tannery.
AMGEN Tour of California 2010.
Local sponsors led by the Santa Cruz Seaside Company have committed enough private contributions for the City to proceed with an expected contract for the May 2010 AMGEN Tour of California bicycle race. As of this writing the contract has not been offered by AMGEN but the local sponsors believe that this will be forthcoming soon. Last February’s AMGEN Tour finished a stage in Santa Cruz, impressing local businesses with the marketing and sales opportunities. Moving the Tour to May should improve
both the race and the crowds turning out to watch it.
Monterey Bay Marine Sanctuary Visitor Center.
The City has moved closer to closing the budget gap for the proposed $16 million Monterey Bay Marine Sanctuary Visitor Center with a fiscal year 2009 budget appropriation from the National Oceanic Atmospheric Administration (NOAA). Working with NOAA, the city anticipates closing the remaining budget gap by next spring with Federal funds and through a capital campaign spearheaded by the National Marine Sanctuary Program.
Local Lending Programs.
The Santa Cruz Community Credit union is working with the City to develop a micro lending program for business loans under $35,000. The Redevelopment Agency has also made progress on the creation of a Grow Santa Cruz Fund for loans larger than $35,000 and up to $1 million. Working with National Development Council (NDC), the program would provide SBA guaranteed bank loan underwritten by NDC. Available to businesses within the city, these loans would feature a write-down of interest, longer payback schedules,
and easier underwriting standards. These programs are both hoping to support entrepreneurship and local business growth opportunities and, pending council approval, should be available by early fall.
Pilot Entrepreneur project with UCSC…
The Pilot Project for Innovation and Entrepreneurship (PPIE) will drop one of ‘P’s, ending its "pilot’ status in 2010. A partnership between the City Economic Development and Redevelopment Agency and UCSC , the project co-sponsored a business plan competition which awarded a $12,000 first prize this spring for the best proposal and resulted in at least one business start-up in Santa Cruz. PIE will again seek interns and proposals for presentations to participants, and provide project
mentors and weekly presentations to the participants this fall.
Beach Area Roundabouts.
The City’s Public Works Department expects to begin construction of roundabouts in the beach area this fall with completion by late spring. Included in the Beach Area & South of Laurel plan adopted a decade ago, these improvements are designed to significantly improve the flow of traffic, especially at the intersection of Pacific Ave, Beach Street, West Cliff and the Wharf. Each of the roundabouts will contain an ocean-themed public art sculpture vetted by the city public art commission.
COPS Funding.
The City of Santa Cruz was one of the few cities to have its proposal for a Federal COPS grant funded in full. This program will pay for five officers for the next three years, reversing planned layoffs. This will support in part the continuation of increased police presence in the downtown area.
Hotel Projects.
Santa Cruz has one approved and two pending hotel projects. The Courtyard Marriott in the Beach area has been approved, the La Bahia project has been approved by the City and will go to the Coastal Commission this fall or winter, and a Fairfield (Marriott) has been proposed for Shaffer Road on the Westside of Santa Cruz.
All in all, this is a great deal to be grateful for in a difficult time.
Read the complete newsletter.
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