REQUEST FOR CITY COUNCIL ACTION
DATE: 08/17/2022
TO: Honorable Mayor and City Council Members
FROM: Economic Development Department
SUBJECT:
Title
Public Hearing accepting the Five-Year Economic Development Subsidy Reports for the Operating Covenant Agreements between the City of Corona and All American Asphalt, Downs Energy, LLR, Inc. (LuLaRoe), Robertson's Ready Mix, and Saul Chevrolet, Inc. (Mazda).
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EXECUTIVE SUMMARY:
This City Council will consider accepting the Five-Year Economic Development Subsidy Reports for the Operating Covenant Agreements between the City of Corona and All American Asphalt, Downs Energy, LLR, Inc. (LuLaRoe), Robertson's Ready Mix, and Saul Chevrolet, Inc. (Mazda). State law enables local agencies to share a portion of their one percent share of sales and use tax with private entities for the purposes of job creation, revenue generation, and other economic benefits. This sharing practice is commonly referred to as an economic development subsidy. Government Code Section 53083 requires the City to hold a public hearing accepting Five-Year Economic Development Subsidy Reports for any subsidies exceeding $100,000 that were authorized following the law's adoption in January 2014.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Conduct a public hearing pursuant to Government Code Section 53083.
b. Adopt Resolution No. 2022-110, accepting the Five-Year Economic Development Subsidy Report for Saul Chevrolet, Inc., which was prepared pursuant to Government Code Section 53083.
c. Adopt Resolution No. 2022-111, accepting the Five-Year Economic Development Subsidy Report for All American Asphalt, which was prepared pursuant to Government Code Section 53083.
d. Adopt Resolution No. 2022-112, accepting the Five-Year Economic Development Subsidy Report for Downs Energy, which was prepared pursuant to Government Code Section 53083.
e. Adopt Resolution No. 2022-113, accepting the Five-Year Economic Develo...
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