SOURCE: Los Angeles County Economic Development Corporation (LAEDC)

August 02, 2006 19:39 ET

LAEDC Announces Finalists for Most Business-Friendly City Award

Burbank, El Segundo, Lancaster, Long Beach and Santa Clarita Have Been Selected From 88 Cities as Finalists for LAEDC's "Eddy" Award in October for Best Practices

LOS ANGELES, CA -- (MARKET WIRE) -- August 2, 2006 -- The Los Angeles County Economic Development Corporation (LAEDC) has announced the finalists for its new award category "The Most Business-Friendly City," which will be presented at its annual Eddy Awards honoring economic development leadership. The gala dinner, which draws more than 750 leaders from the business, government, and education communities, happens October 5, 2006 at the Century Plaza Hotel, and will celebrate the 25th anniversary of the LAEDC.

The cities of Burbank, El Segundo, Lancaster, Long Beach and Santa Clarita have been spotlighted from the 88 cities in LA County by a blue-ribbon panel of judges for their commitment to attracting and retaining businesses that provide quality jobs for their residents.

In the past 25 years, the County of Los Angeles has added more than 2.5 million residents, but only about half a million jobs. Some cities in the County have actually lost jobs in that period, while others have added many new jobs. Much of the reason for that disparity is that many cities are more proactive than others about attracting and retaining quality jobs that pay good salaries and generate healthy tax revenues.

"In order to ensure the economic health of our region, we need to be aggressive in both attracting and retaining businesses and the jobs they bring to our many communities. That is why we initiated this new award. We want to encourage the cities within LA County to provide the highest level of economic development service for businesses that are thinking of expanding or relocating to our region. Our cities and communities offer a diversity of resources and services that are unmatched elsewhere," said Bill Allen, LAEDC president and CEO. "Los Angeles County is the Business Capital of America, and we believe this award will showcase the city that best exemplifies what it means to be business-friendly in our region," continued Allen.

The award finalists were selected based on the following criteria:

--  Demonstrated commitment to economic development as a priority
--  Excellence in programs and services designed to facilitate business
    entry, expansion and retention
--  Economic development activity over past 3 years
--  Competitive business tax rates and fee structures
--  Availability of economic incentives
--  Effective communication with and about business clients
For details about the finalists, the "Eddy Award" and LAEDC visit

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