Economic Development

With every city looking for tools to spur economic growth, we though this story out of Colton was worth a look.  The city's Economic Development department has launched a site -- colton.toolsforbusiness.info -- to help entrepreneurs navigate the web of governmental hoops needed to get up and running.

"Whether you are starting a business to supplement your income, replace a job, or pursue your life-long dream, the city of Colton wants you to succeed," Economic Development Director Candace Cassel told Redlands Daily Facts. "Our Web site includes local, state, federal, and best-of-the-web resources to start and grow businesse."

Read more here.

The Assembly Committees on Local Government and Housing and Community Development (HCD) invited local government officials to testify at a joint hearing held March 25 investigating the local impacts of the American Recovery and Reinvestment Act (ARRA).

Greg Jolivette, principal fiscal and policy analyst with the Legislative Analyst's Office told the Assembly members present that of the $1 billion the state receives in formula based housing funding, 65 percent will go directly to the local level.  Read more in the hearing on the League of Cities' website. 

Last week we reported on Sacramento Mayor Kevin Johnson being barred from receiving federal funding, as he is on a watch list owing to his involvement with a suspicious nonprofit group.  Following advice fromt he City Attorney, the Capitol City has now begun notifying federal agencies of the Mayor's position, hoping to avoid the loss of any federal dollars. 

The Mayor has called the concerns about the federal probe "absurd."  Read his side of the story here, or get the latest on the story and the city's response here.

Last week we reported on Sacramento Mayor Kevin Johnson being barred from receiving federal funding, as he is on a watch list owing to his involvement with a suspicious nonprofit group.  Following advice fromt he City Attorney, the Capitol City has now begun notifying federal agencies of the Mayor's position, hoping to avoid the loss of any federal dollars. 

The Mayor has called the concerns about the federal probe "absurd."  Read his side of the story here, or get the latest on the story and the city's response here.

Wall St wasn't the only one getting a fiscal bump on Monday.  The State of California made its first G.O. bond offering since last summer, and sales were brisk.  State Treasurer Lockyer reported over $3 billion in orders on the first day, well on pace to meet the goal of $4 billion in sales this week.  Sales went so well in fact, that the sale ultimately netted about $6.5 billion in bonds.  "This is a great result for California's workers, businesses and economy," Lockyer said in a statement.

This is good news indeed for local governments that have been fronting cash to keep infrastructure jobs afloat. 

Read more in the Merc.