State officials approve Valley 'enterprise zone' to boost business growth
The expansion area includes portions of Chatsworth, Canoga Park, the Van Nuys Airport area, Woodland Hills and the northeast Valley. Some of the major businesses and retail centers that will benefit are Micro Solutions Enterprises in Van Nuys, the Woodland Hills Auto Gallery, 3M and Nestle Foods in Canoga Park, the Northridge Plaza, the Westfield Topanga Plaza in Warner Center and firms around the airport.
The California Enterprise Zone Program targets economically distressed areas, providing tax breaks and other incentives to attract new businesses and foster job creation. Enterprise zones already exist in the Hollywood, Central City and Pacoima regions.
Under the program, firms can earn state tax credits for hiring additional employees, receive sales tax credits on purchases of $20 million per year of machinery, receive preference on state contracts and receive a 35% cut in city utility rates for five years.
-- Phil Willon at Los Angeles City Hall