OXNARD : City May Qualify for Tax Incentive Plan
Oxnard officials believe that their city qualifies for a state Department of Commerce program that provides tax incentives for businesses in an economically depressed area.
In a memo to City Manager Vernon G. Hazen, Economic Development Officer Linda Guillis said that “based on preliminary information from the state, Oxnard meets the major eligibility criteria for the establishment of a zone.”
Oxnard’s qualifications include its commitment to promoting new business and industry, and its high unemployment rate and low median income level in certain neighborhoods near downtown, she said.
In the memo released last week, Guillis said the program would attract businesses and help create jobs that bring additional revenues to the city.
However, she warned that the city would probably compete with as many as 100 other cities for inclusion in the program. Eight cities will be chosen to be in the program, the memo said.
The City Council is scheduled to consider an application for the program Sept. 4.
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