The Los Angeles City Council today established the Citys first two Jobs and Economic Development (JEDI) Zones, creating an innovative new tool to spur economic development and jobs creation. The JEDI Zone incentive program will provide a competitive advantage for small and locally-owned businesses to thrive and stimulate recovery in the neighborhoods that need it most and pave the way for a positive economic future.Councilmember Krekorian introduced the motion in 2015 to establish JEDI zones as one part of his Comprehensive Jobs Plan for the City. The JEDI Zones, and the rest of the Comprehensive Jobs Plan, provide incentives for the local economy to employ large numbers of residents in good-paying jobs, to maintain industries that are mainstays of the LA economy, and to revitalize underserved communities.
The first two JEDI Zones are in North Hollywood and the Goodyear Tract in Council District 9. The Zones are selected based on a number of criteria, including percentage of low-and-moderate income residents and commercial, industrial and retail usage.
The program comes with an extensive business incentive plan. In addition to permit subsidies, JEDI Zones enjoy a faade improvement program, access to capital, loan program fee and interest reduction, and compliance assistance.
We must do everything we can to attract new businesses and industries into Los Angeles, said Krekorian. Through incentives, subsidies, and consultation with experts, the City is enhancing the economic opportunities available to businesses and spurring growth for those that have already invested in our future by doing business in our communities.
As the City moves toward economic recovery after COVID-19, it is imperative that we look for ways to create opportunities for economic development and employment, considering previous programs that had been in place were dissolved, said Councilmember Curren Price. With South LA being historically neglected and handicapped economically, the establishment of the Goodyear Tract in District 9 as a JEDI Zone will be a game-changer for more than 200 companies and thousands of employees, helping to build a solid foundation necessary to help Council District Nine thrive.
Los Angeles City Councilmember Paul Krekorian represents Council District 2, which includes the east San Fernando Valley. He is chair of the Budget and Finance Committee and he is also on the Metro and Metrolink boards of directors. His website is paulkrekorian.org, where you can sign up for news updates. Visit him on Twitter (@PaulKrekorian) or Facebook.