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May 10, 2011 > Fremont receives economic excellence award

Fremont receives economic excellence award

Submitted By Lori Taylor

The City of Fremont was presented with the California Association of Local Economic Development (CALED) Award of Excellence-grand prize winner- to acknowledge the City's innovative Local Business Stimulus Package at the annual CALED conference in Sacramento.

At the same time that the Federal government announced its stimulus package in early 2009, the City of Fremont began developing a local program to mitigate the negative impacts of the recession on business, promote economic activity and increase employment in the community. In March 2009, Fremont City Council approved the Local Business Stimulus Package and became one of the first California cities to develop a local program of this nature.

"We are pleased that CALED recognized Fremont with this award," said Fremont Mayor Bob Wasserman. "The City works to assist our existing businesses and attract new ones as creatively as possible during these difficult times."

The Fremont Local Business Stimulus Package includes:

Development Impact Fees reduced for projects citywide by 10 percent (and 25 percent within the Central Business District) until the end of 2011;

Development Impact Fees deferred until the time of occupancy (rather than at the issuance of building permits);

An exemption for clean technology firms engaged in R&D and/or manufacturing from City Business License Taxes until the end of 2011;

Participation in the 2009 Recovery Zone Bond Program-local firm Dale Hardware was awarded $6.8 million in Economic Development Facility Bonds to allow the company to double in size and create 40 new jobs;

Participation in the Statewide Community Infrastructure Program (SCIP) to offer developers an alternative financing program for Development Impact Fees;

A local business purchasing preference of 2.5 percent; and

Promotion of the benefits of Foreign Trade Subzones and assisting eligible businesses in the application process-this ultimately led to the designation of LAM Research as a Foreign Trade Subzone.

The increase in new and expanding businesses has produced over 1,200 new jobs. The deferral of over $4.6 million in fees allowed more than 10 projects and their construction phases to continue and allowed builders to maintain employment in spite of the sharp decline in construction throughout California.

To learn more about any of these programs contact the Office of Economic Development at (510) 284-4020 or econdev@fremont.gov.

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