The Economic Development Division fosters new business development activities and business retention within the City to provide economic stability. With expertise in commercial and industrial real estate, financing, economic data, entrepreneurship, and marketing, our office provides clients with the resources they need to thrive. The City’s emphasis on economic development translates to tailored business assistance programs and a progressive and highly trained professional staff. Our “Pro-Business” philosophy and “Can Do” attitude provides our business community with a competitive advantage in the marketplace.
Economic Subsidy Reports
It is a requirement of the State of California, Government Code Section 53083, to post Economic Development Subsidy Reports on the City’s website for the entire term of the subsidy. The requirement to post subsidies approved by the local jurisdiction began on or after January 1,2014.
An Economic Development Subsidy shall mean the expenditure of any public funds or loss of revenue to a local agency in the amount of $100,000 or more, for the purpose of stimulating economic development within the jurisdiction of a local agency, including, but not limited to, bonds, grants, loans, loan guarantees, empowerment zone incentives, fee waivers, land price subsidies, matching funds, tax abatements, tax exemptions, and tax credits.
“Economic development subsidy” shall not include expenditures of public funds by, or loss of revenue to, the local agency for the purpose of providing housing affordable to persons and families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.
The report shall include the following items:
(1) The name and address of the beneficiary of the economic development subsidy.
(2) The start and end dates and schedule, if applicable, for the economic development subsidy.
(3) A description of the economic development subsidy, including the estimated total amount of the expenditure of public funds by, or of revenue lost to, the local agency as a result of the economic development subsidy.
(4) A statement of the public purposes for the economic development subsidy.
(5) Projected tax revenue to the local agency as a result of the economic development subsidy.
(6) Estimated number of jobs created by the economic development subsidy, broken down by full-time, part-time, and temporary positions.
Click on the links below to the projects in Banning that have or may receive a subsidy on or after January 1, 2014: