1997 AGN APR 01 I17 - Laserfiche WebLink

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a El CITY COUNCIL CITY OF COLTON For the City Council Meeting of April 1, 1997 TO: Honorable Mayor and Councilmembers APPROVAL: Malik Dantala Freeman, City Mana er ` t FROM: Candace E. Cassel -Short, Project Manager SUBJECT: Adoption of a Resolution Identifying the Census Tracts Comprising a "Targeted Employment Area for the Agua Mansa Enterprise Zone DATE: March 18, 1997 Background/ Discussion In 1986, the City of Colton entered into a Joint Partnership with the cities of Riverside and Rialto and the Counties of San Bernardino and Riverside to create the Agua Mansa Enterprise Zone(EZ). The State of California established the EZ to stimulate new employment and investment in this "economically depressed" area. As part of such, businesses located in the zone are offered 'state tax credits. One of the incentives allows companies to earn hiring tax credits for hiring employees who are either Job Training Partnership Act (JTPA) enrolled/eligible or Greater Avenue for Independence (GAIN) enrolled, Effective January 1997, SB 2023 unifies existing EZs and Employment and Economic Incentive Areas into one program. In order to make the program requirements congruent, the State of California Trade & Commerce Agency is asking each jurisdiction to adopt a resolution identifying Targeted Employment Areas (TEA's). TEA's are areas comprised of census tracts that meet HUD's definition of low -moderate income. Under this new program, companies can earn tax credits for not only JTPA and GAIN -eligible citizens, but also for residents of, TEA's. Attached is a Resolution and map identifying the census tracts that meet HUD's definition of low -moderate income: having at least 51 percent of its residents of low -or moderate income levels. Financial Impact None Recommendation Adopt the attached Resolution Identifying the Census Tracts Comprising a "Targeted Employment Area"' for the Agua Mansa Enterprise Zone. Attachments: Resolution C:/candace/ccs/st£rpts/teas Item No. 17