The Pasadena Enterprise Zone, established in 1992 as one of 23 such areas in California, has been approved by the California Department of Housing and Community Development for another 15 years.
The new Pasadena Enterprise Zone covers 1,982 acres and about 5,000 businesses. In addition to state benefits, businesses located within specific boundary areas may receive incentives from the city of Pasadena including accelerated plan review, permit fee waivers, business license fee waivers, and access to resources and workshops.
Pasadena is the fifth city to receive the new 15-year designation, which will expire in 2022. The state allows up to 42 cities to have enterprise zone areas.
California’s enterprise zone program stimulates economic development within economically disadvantaged areas in need of job growth and private investment. Businesses located in enterprise zone areas may receive significant state tax benefits through hiring credits, sales and use tax credits, business expense deductions, tax operation loss carryover, and net interest deduction for lenders.
State officials will review the city’s application for an expansion of enterprise zone boundaries in specific areas throughout Pasadena. It is anticipated that the review will be completed by early April.
“Our new designation adds to the allure of opening or relocating a business to Pasadena,” said Lola Osborne, manager of the Northwest Programs Division of the Pasadena Planning and Development Department. “Our business-friendly environment, significant tax credit savings and local permit fee waivers help reduce the cost of doing business and offer great living opportunities for employees.”
The Northwest Programs Division is located at 236 W. Mountain St., Suite 201. For more information, including boundary map, incentives, application forms and more, visit http://cityofpasadena.net/enterprisezone or call (626) 744-7347.