EDA Annual Report 2013-2014

Economic Development

2,985 construction jobs through Fast Track

$ 4.3 billion capital

investment

Economic Development for Riverside County is a collaborative partnership between the County’s Economic Development Agency (EDA), its 28 cities, and several regional Economic Development Corporations for the purposes of implementing business attraction and retention programs. The partnership is called Team Riverside County (TRC). Collaboration and leveraging financial and human resources are the cornerstone principles guiding the program. TRC’s main objectives are to promote Riverside County’s business opportunities to national and international markets, develop effective networks within industry sectors, and lead generation.

Business Financing The Economic Development Agency can help facilitate financing for businesses through a variety of programs including: • Small Business Administration Loans • Industrial Development Bond Financing for Manufacturers • EB-5 Foreign Direct Investment • Venture Capital • Recycling Market Development Zone Loans Recycling Market Development Zone The Division partnered with CalRecycle to expand and redesignate Riverside County as a recycling zone which allows manufacturers who use recycled products or reduce waste to take advantage of a low-interest loan program for a variety of uses. The new zone includes 25 of the county’s 28 cities (up from eight) and all county unincorporated areas. Fast Track As part of its ongoing effort to become the most business- friendly county in the state, the County of Riverside instituted a strike force of development-related departments to begin a process improvement program designed to assist businesses engaged in the County’s land use and permitting processes. The effort has already yielded results with America’s Tire Company completing its development review process in 79 days and completion of construction on schedule. In fiscal year 2013-14, EDA launched 11 new industrial and commercial Fast Track projects delivering the following economic impacts: • 711 full-time permanent jobs • 2,985 construction jobs • $4.3 billion capital investment

Innovation & Technology The Economic Development Division partnered with the University of California, Riverside and the Port of Los Angeles to apply for and received an Innovation Hub designation from the Governor’s Office of Business and Economic Development for the Inland SoCal Link iHub. The designation recognizes the County’s unique link with the Port of Los Angeles designed to stimulate economic development in the Inland Southern California region with international businesses. The main focus of the iHub will be to further stimulate growth of the advanced manufacturing and logistics sectors in the international marketplace. The Inland SoCal Link iHub exhibited at the Inland Empire Manufacturer’s Summit in February 2014 debuting the iHub’s new look and partners. New promotional materials for the iHub were produced to market the program. Riverside County Economic Update E-Newsletter The Division launched the Economic Update e-newsletter which will provide monthly communication about exciting new developments in Riverside County. Tradeshows and Special Events The Economic Development Agency promoted Riverside County to more than 60,000 business decision makers at the following key venues: • Medical Design & Manufacturing in Anaheim, California • International Council of Shopping Centers in Las Vegas, Nevada • Industrial Asset Management Council Forum in Salt Lake City, Utah • Meet the Consultants Forum in Carlsbad, California • Inland Empire Manufacturing Summit, Ontario, California

Highlights

• Team Riverside County won an Award of Excellence from the California Association for Local Economic Development for its Retail Growth Program. • Debuted the division’s monthly Economic Update e-newsletter to inform our stakeholders of new and interesting developments in the county’s economy. • Riverside Community Hospital Expansion is now under construction. • America’s Tire Regional Logistics Facility Completed. • New Knox Logistics Park Completed. • Expansion of the Riverside County Recycling Market Development Zone to 25 cities and all unincorporated areas allows manufacturers access to low-cost financing. • Designation of parts of Riverside County as a pilot area for the State’s New Employment Credit. • Desert Hills Premium Outlets expansion is now completed. • State’s top producing outlet center, second in the nation

• 50 new stores • 500 new jobs

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