SOURCE: San Diego Regional EDC

San Diego Regional EDC

October 19, 2010 19:47 ET

San Diego Regional EDC Applauds Governor Schwarzenegger, Assemblyman Fletcher, as the Elimination of Downtown's Redevelopment Cap Is Signed Into Law

SAN DIEGO, CA--(Marketwire - October 19, 2010) -  San Diego Regional Economic Development Corporation (EDC) applauded the decision by Governor Schwarzenegger to approve legislation by Assemblyman Nathan Fletcher that eliminates the cap on the amount of state redevelopment funds for which downtown San Diego's Centre City Development Corporation (CCDC) is eligible.

"If you like the jobs, housing, and ballpark that downtown redevelopment has already created, you will love what this bill does for our region," explained Andrew Poat, Vice President of Policy for EDC.

Early estimates of the benefits include $7 billion to $9 billion in public funds -- and two to three times that much private sector funding for downtown redevelopment, housing projects and infrastructure. Some 100,000 jobs could result over the life of the legislation.

"Mayor Sanders and Assemblyman Fletcher are job and housing heroes for championing this proposal," said Poat.

Specific projects that are expected to benefit from this redevelopment include the North Embarcadero Project, affordable housing in the East Village, and possibly a new stadium for the Chargers. Before one dollar is spent, San Diego's city council must complete a community needs assessment and hold public hearings to gain input from stakeholders. Additionally, the city council has to approve all expenditures involving redevelopment dollars.

The San Diego Regional Economic Development Corporation is a business organization supported by more than 150 of San Diego's largest employers. The group strengthens San Diego's business climate and maximizes its economic success through two key programs, Business Development and Policy. EDC's business development program supports significant corporate outreach and retention, while nurturing emerging industries and attracting new corporate investment through targeted marketing initiatives. The policy program is focused on creating a competitive business climate for the region through workforce development initiatives, including Pre-K and math and science education programs, and building the infrastructure -- housing, water, energy and transportation systems -- to support 21st century industries.

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