First District Update_Jan 2020

ECONOMIC DEVELOPMENT DIVISION

General Updates

 EDA is hosting two Opportunity Zone events on January 21, 2020 with speakers from Kosmont and Associates and Blake Christian, a Certified Public Accountant. Both firms have expertise in Opportunity Zone matters. The event is designed to provide updates on the final regulations which were issued at the end of December 2019, describe potential investment deal structures, and how communities can take advantage of this tool to further economic development. o Western County Event – Corona City Hall, 8:00am o Eastern County Event – Fantasy Spring Resort – 2:00pm  Held a conference call at Riverside Business Center with ExCITE startup company, Foodnome, and UCR staff to review the home cook showcase from November. Plans were also made for the next show case to be held in January in the courtyard of Riverside Center.  Update - Nongshim Noodle submitted a Pre-Application Review submission to the Planning Department and the meeting was held on December 5, 2019. After consideration of various site development issues, the company has determined that the location in Temescal Valley would not be suitable for their project. EDA is working with Nongshim on alternative sites.  Eliminator Boats which is under new ownership and currently located in Mira Loma is growing and was considering leaving the county for other locations in the region. Thankfully, Eliminator is staying in their current facility for a few more years. EDA shared the former Fleet Services facility as a potential location along with other sites. Employee retention was a significant concern and EDA Workforce Development will be assisting with new employee recruitment and training moving forward.  Held a conference call with Daniel Dokhanian of the Mulholland Drive Company. They are interested in developing residential neighborhoods. We offered gave advice on potential areas for residential growth. No specific project identified at this time.  Assisted Adam Cohen of Inland Empire Recycling with site selection services. He is looking for an older generation building at a low cost price point.

Riverside Business Center