The City of Santa Clarita, California is gearing up for a new enterprise zone application. An article by Natalie Everett published Sunday in the Santa Clarita Valley Signal provides the details.
The application process is expensive and laborious. According to Bill Kennedy, a board member of the area’s Economic Development Corporation, the board hopes to raise at least $100,000 to fund the process this year. Six Flags Magic Mountain, one of the many large employers that will benefit from the expanded zone, has announced its intention to donate $20,000 towards that effort.
Expanding the enterprise zone, then, is “an exciting venture,” said corporation board member Don Fleming. Fleming’s Valencia Acura has saved “tens of thousands” of dollars through the enterprise zone.
“We believe it will benefit this entire valley,” Fleming said. “We think it will make the [Santa Clarita Valley] a powerful economic engine.”
Some might be surprised at this news given that the current Santa Clarita Enterprise Zone was designated in 2007 and still has twelve years left before it expires in 2022. Nevertheless, the strategy is valid and was applied successfully just last year in Sacramento County. If the application is successful, the existing Santa Clarita zone would in essence be traded in for the new larger zone designation.