FROM:
Development Services
SUBJECT:
Title
Grant Acceptance of Fontana’s Downtown Economic Incentive Program
End
RECOMMENDATION:
Recommendation
1. Authorize the City Manager or his designee to enter into a contract with the San Bernardino County Board of Supervisors to accept a contribution in the amount of $500,000 for the Fontana Downtown Economic Incentive Program.
2. Authorize the City Manager, or City Manager’s designee, to enter into and transmit any documents necessary or desirable to ensure the City’s timely submittal and execution of the Board of Supervisors discretionary funding allocation.
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COUNCIL GOALS:
• Promote economic development by pursuing business attraction, retention, and expansion.
• Promote economic development by being business friendly at all levels and striving to constantly improve the city's competitiveness.
• Practice sound fiscal management by pursing grant opportunities.
• Concentrate on Inter-governmental relations by pursuing financial participation from county, state, and federal governments.
DISCUSSION:
The City of Fontana is undertaking an expansive and comprehensive revitalization of Downtown Fontana. To support and facilitate these revitalization efforts, the City established the Fontana Business Assistance Loan Program. A key component of the revitalization effort is the creation of an entertainment district designed to attract consumers and visitors while providing opportunities to experience and enjoy the revitalized Downtown area.
The San Bernardino County Board of Supervisors is supporting the City’s efforts through the Fontana Downtown Economic Incentive Program, which provides funding to assist new businesses with eligible purchases necessary for business development. The grant will further enhance the Downtown revitalization by helping new businesses fund eligible purchases, including fixtures, furniture, equipment, and appliances. Grant funds will not be used for licensing fees, permits, operating expenses, inventory, construction, or installation costs.
The Fontana Business Assistance Loan Program is designed to reduce start-up costs and encourage long-term investment in the downtown area. Together, these investments help revitalize commercial corridors, encourage innovation, and improve the quality of life for residents and visitors alike.
FISCAL IMPACT:
The fiscal impact associated with the approval of this $500,000 grant from the San Bernardino County Board of Supervisors for Project String 30100004-301-A-8120, Fund 301, includes a required 25% matching contribution from the City. Matching funds have already been allocated in an existing account with $1.0 million available to support the required match. Therefore, no additional appropriation is anticipated at this time. All necessary budget adjustments will be included in the next quarterly budget report.
MOTION:
Approve staff recommendation.