Oakland can elevate $ 400 million to assist small companies because of Gov Newsom, AB-464, however will it?

ONN – Oakland Can Raise $ 400 Million to Help Small Businesses Thanks to Gov Newsom, AB-464, but will it? – Vlog from Zennie62 YouTube

Oakland can use TIF to raise $ 400 million to help small businesses thanks to Gov Newsom, AB-464, but will it?

The details:

Oakland can use AB464 tax increase funding to raise $ 400 million to support small businesses economically.

In the wake of the COVID-19 pandemic that devastated California’s mom-and-pop company, small business advocates achieved a historic victory today when Governor Gavin Newsom signed AB464 into law. The bill will provide small businesses with new government funding to buy and / or renovate their own stationary locations, an incredible boost to the state’s local economy.

So far, EIFDs have only been used in a few cities for small individual projects; funding has been limited to new buildings. The law signed today provides that state subsidies can be used to maintain existing small businesses or acquire new commercial properties. The extension of the scope and powers of the EIFD will allow better access to capital to meet the large and urgent needs at the local level.

“The economic and community recovery from the devastating effects of the COVID pandemic will depend on public investment as soon as possible to re-stimulate the local economy,” said AB 464 author, Congregator Kevin Mullin. “With local communities facing few alternatives to raise significant funding themselves, EIFDs can quickly resolve this civic investment crisis when it is needed most. With tax-free bond interest rates currently below 4%, this is a perfect time to take advantage of the citizens’ financial opportunities. The need for affordable housing, homeless and community facilities, and small business capital is at a crisis level, and I am proud that AB 464 provides the opportunity to expand the scope and powers of EIFDs to adequately address these issues can have a real effect. “

The new law couldn’t come soon enough: California voters in a statewide poll from January 16-19, 2021 conducted by David Binder Associates, reported widespread distress due to the Covid-19 pandemic:
32% have seen household members lose their jobs.
35% have suffered another loss of income.
15% have seen their family business shut down.
Overall, 61% experienced a negative financial impact.

“Now that California has opened the door to EIFDs as a funding mechanism for business development – the sector hardest hit by the pandemic – we will see renewed and stabilized small business growth across the state,” said John Elberling, Founder and President of Build Affordable Faster California, which sponsored the bill. “For this very reason, Congregator Mullin introduced AB 464 to enable California cities to help small businesses buy or renovate their own homes as part of their community’s economic recovery.”

The new law will also allow cities to acquire and upgrade new facilities for cities
Community non-profit organizations providing homeless, youth, health and social services to local people
Residents.

“The Richmond District and communities across the city will need significant infrastructure investments in affordable housing and for our small businesses to emerge and recover from the pandemic,” said San Francisco supervisor Connie Chan. “Speaker Pro Tem Mullin’s bill will provide San Francisco with new financial tools to make these investments.”

The message from the voters is clear: Californians need an economic boost for small businesses
to fuel recovery; and an investment in affordable housing to protect hundreds of people
Thousands of residents on the verge of falling into a serious crisis.

Oakland can turn the lowlands into a large EIFD zone and raise $ 444 million on a bond to help small businesses with $ 10,000 in grants for each of the city’s 44,000 small businesses. It can help the homeless. The possibilities are only limited by the imagination.

Oakland has to do this now. No excuses.

Stay tuned.

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