Elk Grove City Council to Consider Incentive Program

Hoping to jump start the local economy, the Elk Grove city council will consider an economic development incentive program at the next regu...



Hoping to jump start the local economy, the Elk Grove city council will consider an economic development incentive program at the next regular meeting this Wednesday evening.

If approved, the program would create an application process for new businesses to seek incentives ranging development impact fee reductions or deferrals, grants, and expedited plan reviews.

Among other requirements to qualify, the project must create 20 permanent full-time jobs equal to or greater than the area median income (AMI) or 50 permanent full-time jobs with salaries at least 75% of the AMI. To qualify for a tax grant, the project must also generate a minimum of $15 million in additional (new) taxable sales or $250,000 annually is additional (new) transient occupancy revenues.

City staff reports there is no money currently budgeted for the program and any “incentives offered will require the use of either General Fund reserves or funds budgeted for other uses.” Any incentive over $50,000 would require approval by the city council

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