Overview

Santa Fe Springs, California, has launched its Business Growth and Attraction Program, aimed at fostering industrial and commercial innovation in the region. The program was unveiled during a luncheon attended by local and state leaders, developers, and corporate executives on October 16.

Mayor William K. Rounds and City Manager René Bobadilla emphasized the city's significant economic impact, highlighting its extensive industrial and commercial space, which is the densest in Los Angeles County.

Key details

  • The event took place at the historic Clarke Estate.
  • Santa Fe Springs is home to over 54.7 million square feet of industrial and commercial space.
  • Despite covering only 0.2% of L.A. County's land area, the city accounts for more than 6% of its industrial footprint.
  • Mayor Rounds announced nearly two dozen new business incentives.
  • Incentives include low-interest loans, sales-tax rebates, and rent subsidies.
  • Fast-tracked permitting can reduce approval times by up to 50%.
  • New Enhanced Infrastructure Financing District (EIFD) opportunities will support sustainability and infrastructure projects.
  • The initiative aims to modernize local industry and reduce business costs.
  • Santa Fe Springs collaborates with the Cities of Commerce, Industry, and Vernon, referred to as the BIG 4 partners.
  • These four cities represent only 0.69% of L.A. County's footprint but contain over 24% of its industrial square footage.
  • City Manager Bobadilla described this coalition as the “heartbeat of Southern California’s economy.”
  • Congresswoman Linda Sánchez delivered a virtual keynote, praising local leadership and collaboration.

Context

The Business Growth and Attraction Program is part of a broader strategy to retain businesses in California amidst competition from states with lower costs, such as Texas, Arizona, and Tennessee.

What happens next

The program will proceed in coordination with the BIG 4 partnership, aiming to attract new industries and create jobs while enhancing California's economic competitiveness.

What we don't know yet

Specific details regarding the implementation timeline and the expected outcomes of the new business incentives have not been confirmed.