The Santa Clarita Valley Economic Development Corporation (SCVEDC) announced that they are now offering an Industry Cluster Attraction Incentive (ICAI).
ICAI is aimed at attracting new businesses in targeted industry clusters to the Santa Clarita Valley in Southern California.
SCVEDC, in partnership with Los Angeles County, has made $200,000 available for the ICAI program. Qualifying businesses would be eligible to receive up to $40,000 for relocation or new projects.
In order to qualify, the project must create at least 40 jobs. The company would also need to buy property or sign a five-year lease for the project.
The incentive will be available for companies in targeted sectors including entertainment, manufacturing, aerospace, IT and medical devices.
SCVEDC President and CEO Holly Schroeder said the new incentive demonstrates their commitment to being pro-active in recruiting these sectors to the Santa Clarita Valley.
The incentive will be applicable towards reimbursement of permitting costs paid by the company to the City of Santa Clarita and Los Angeles County.
Schroeder added that the Santa Clarita Valley with two million square feet of new construction and an overall 30 million square feet of office and industrial space offers tremendous opportunities for businesses, but establishing new operational locations is a big decision for any company.
The ICAI program, said Schroeder, helps defray permitting costs so that companies can find the location right for them.
The SCVEDC was established in 2010 to help create high-paying jobs for the area‚Äôs skilled workforce, grow the regional tax base, and strategically position the Santa Clarita Valley as a globally competitive business location.
The Santa Clarita Valley is located along the I-5 corridor in northern Los Angeles County, less than 25 miles from Burbank‚Äôs Bob Hope Airport. It already has industry clusters such as film production, biomedical, high tech, and aerospace manufacturing.
The thriving businesses, institutions of higher learning and the educated and skilled workforce combine with the serene surroundings to give Santa Clarita a mix of small-town charm and urban sophistication.
Santa Clarita Valley is consistently rated as one of the safest communities in the nation. A few years back, the Los Angeles Economic Development Corporation chose the City of Santa Clarita as the most business-friendly city in Los Angeles County among cities with a population of more than 50,000.