Since the California Legislature passed the 2011 Budget Act authorizing the dissolution of redevelopment agencies across the state and eliminating one of the primary drivers of economic stimulus at the local level, economic development has been at a crossroads due to a lack of funding. Supporting businesses and building key infrastructure to sustain and grow our economy has been challenging at a time when businesses needed assistance the most during the great recession.

But like many of the businesses we support, we were scrappy and tenacious, leveraging existing funding, securing grants to move critical projects forward and partnering with local banks and agencies to fund new lending programs at a time when funding was scarce. Meanwhile, over the last five years we have been steadily working with our colleagues and representatives in Sacramento to address the millions of dollars of local infrastructure bond funds frozen across the state by the 2011 Budget Act when so-called redevelopment agencies went the way of the dodo.

Well, the thaw is here. Governor Brown signed Senate Bill 107 this past September resulting in, among other things, $15.9 million back in the hands of the Santa Cruz community. Booyah!

What does this mean for us?

• $7.3 million is slated to be spent on already-approved affordable housing projects including the Metro Pacific Station project on lower Pacific Avenue
• The City of Santa Cruz will not be forced to sell the Eastside Parking Lot on Soquel Avenue or the Birch Lane Parking Lot and Trash Enclosure in the downtown- both lots will remain with the City of Santa Cruz for public use
  • Highway 1/9 Intersection Improvements/Highway 1 San Lorenzo Bridge Improvements
  • Santa Cruz Wharf Master Plan Improvements
  • Ocean Street Corridor Improvements
  • Lower Pacific Avenue Improvements
  • City-wide Signage Program (Wayfinding)
  • Santa Cruz Trolley Acquisition
  • Eastside Improvements
  • Riverside Avenue Improvements

Now, that’s a lot of projects. But we’re an ambitious crew. We know what an impact these projects will have on our community and we will continue working with our colleagues and representatives in Sacramento to make available our remaining $17 million in frozen local infrastructure bonds. Let us know if you have any questions about this great news or any of our projects as we keep moving the economy forward.