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FV Newsletter


Jan 30

[ARCHIVED] New Economic Development Programs

The original item was published from January 30, 2017 9:19 AM to February 1, 2017 10:26 AM

Cities throughout California have been creative in identifying alternative ways in generating new revenues to maintain services in their respective community since the elimination of redevelopment in February 2012. Since 2013, it has been the City Council’s priority to enhance economic development. City Council approved two new programs to incentivize existing businesses and hotel developers to invest in the City to generate new revenues and/or create jobs.

Commercial Property and Business Improvement Loan Program
  • Provide up to 50% of the rehabilitation improvements.
  • Provide up to $500,000 with 3% interest loan. 
  • Term of loan range from 5 years to 10 years. 
  • Defer first year payment; however, interests will still accrue during the first year.
  • Contractor/subcontractors must comply with prevailing wage regulations. 

Hotel Incentive Program
  • Reimburse up to 50% bed tax above $200,000 TOT requirement 
  • Reimburse payments up to 15 years 
  • Must provide feasibility that shows a funding gap 
  • Contractor/subcontractors must comply with prevailing wage regulations.
To view the guidelines for the Commercial Property and Business Improvement Loan and the Hotel Incentive Programs, please visit the City’s website