California Governor Arnold Schwarzenegger announced that the City of Compton would receive a State Enterprise Zone Program on November 3rd 2006. The state awarded the Enterprise Zone designations on a competitive basis. Compton’s application ranked 8th of the 25 applications approved for a California Enterprise Zone.  Compton said that the enterprise zone would enable the following:

1. Business and industrial expansion and growth,
2. New businesses and industry cluster attraction,
3. Jobs and job opportunities for Compton residents ,and an
4. Infusion of new private sector equity capital and financing for Compton businesses.

Below are some of the incentives offered for companies operating in the Compton Enterprise Zone:

Reductions of Fees for Enterprise Zone Businesses:
1. Reduced Expedited Plan Check Fees
2. Reduced Building Plan Check and Permit Fees
3. Reduced Planning Entitlement Permit Fee
4. Reduced Business License Application Fee

Reductions of Administrative Processing Time for Permits and other Applications:
1. Priority Plan Checks
2. Priority Building Inspections

Incentives Related to Neighborhood Transformation Activities:
1. Job Assessments, Outreach, Recruitment, and Training
2. Coordination of Local Schools, Colleges, and Other Training Providers with Enterprise Zone Employers
3. Identification and Intake of Individuals in Targeted Groups Facing Barriers to Employment
4. Integration of Job Development Services with other Local Human Services

Other Incentives for Enterprise Zone Businesses:
1. Infrastructure and Site Assembly Incentives Site Assembly
2. Site Preparation/Clearance Assistance
3. Infrastructure Design and Construction
4. Seismic Rehabilitation
5. Reduced Development Impact Fees
6. Brownfield Remediation

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This entry was posted on Monday, September 15th, 2008 at 3:47 am and is filed under Enterprise Zones, Featured Zone. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.