Citrus Heights Launches Business Incentive Programs

Two incentive and assistance programs will be available to Citrus Heights businesses starting July 1. 

Both programs total $500,000, according to a press release. 

The two programs, the Economic Development Support Fund and the Development Fund, will help with the city's economic development, business attraction, retention and expansion and hopefully create more jobs. 

“We recognized our economic development plan needed updating due to the recent loss of redevelopment and so we created a new set of tools to succeed," said Mayor Steve Miller, in a press release.

These two funds act as alternative funding sources since the dissolve of city redevelopment agencies. 

More information about these funds is below, from the City of Citrus Heights. 

Economic Development Support Fund:

For Fiscal Year 2013-2014 the Economic Development Support Fund has been allocated $150,000. The program provides grants and sponsorships to businesses, business associations, economic-development related organizations or efforts that meet the following program goals: 

• Increase job base
• Increase tax base
• Attract new shoppers/expand trade zone
• Promote/market a specific commercial areas/City
  
• Create or enhance a sense of place
• Improve aesthetics of a commercial area
• Improve the perception and/or practice of City as business friendly

One competitive application process has already been conducted with four grants or sponsorships being approved.  Applications are being accepted at any time and require City Council approval.  For businesses only, the program also provides a one-to-one match for sign improvements up to a maximum of $5,000 and up to $10,000 for design assistance.  These applications will be received on a first-come first serve basis and approved at staff level.

Development Fund:

The second program, the Development Fund, was designed to be more flexible and effectively respond to the needs of the business and development community in order to facilitate the attraction and expansion of businesses in Citrus Heights.  The Fund has a one-time allocation of $350,000 that will continue to be carried over from year-to-year until exhausted.  For businesses, property owners or developers, the Development Fund is focused on providing assistance for development requirements, such as undergrounding utilities, off-site improvements or sewer relocations, or other assistance to attract, retain or expand business in the City.  The program also provides some assistance to the City’s existing Property-based Improvement District, the Sunrise MarketPlace, as well as any new PBIDs or BIDs that are established. 

Interested applications for both programs should visit www.revitalizech.net and contact Devon Rodriguez, Development Specialist, at drodriguez@citrusheights.net or (916) 727-4745.