Thursday, February 13, 2025
54 F
Roseville

$6.8 Million Stimulus to Help Local Business

Allocation of Recovery Zone Facility Bonds

Placer County is requesting applications from businesses interested in obtaining low-interest, tax-exempt financing through a federal economic-stimulus program.

The county has been allocated $6.8 million from the Recovery Zone Facility Bond Program, which was created through the American Recovery & Reinvestment Act of 2009.

Placer County’s allocation will be used to provide financing to one or two businesses located in the county. Generally, the federal bond program is targeted at businesses requesting at least $3 million in financing.

Bond proceeds can be used by businesses for either:

  • Construction projects that call for building new facilities or upgrading existing facilities or
  • Purchasing new equipment for business-development activities.

To be eligible, projects in the first category must be able to start construction within the next two years. Projects will be considered shovel-ready if no major entitlement, permitting or other obstacles stand in the way of construction.

Bond proceeds may also be used to finance the purchase of recently completed buildings that have not previously been occupied.

Undeveloped land, residential rental properties and some other types of property do not qualify for funding through the program. Federal guidelines also do not allow participation by some types of projects, including golf courses and casinos. Refinancing of existing debt also is not an eligible activity.

To qualify for financing through the program, projects must demonstrate potential for near-term job creation and long-term regional economic benefits. Borrowers must be creditworthy and demonstrate their ability to repay the proposed debt.

The Board of Supervisors cleared the way for Placer County to receive its $6.8 million allocation by voting unanimously Nov. 3 to declare the entire county a ‘recovery zone.’ Placer County’s participation in the bond program is a joint effort by the Office of Economic Development and Redevelopment Agency.

‘Financing through the program may be the most-competitive option available because it provides a method to access private capital markets at tax-exempt rates,’ said Chairman Rocky Rockholm of the Placer County Board of Supervisors.

Interested parties are encouraged to submit project summaries. Each application should include:

  • A description of the project and its current status, including entitlements;
  • An outline of project costs and a proposed project timeline;
  • A detailed description of the business and the products or services it provides; and
  • A brief description of the economic impact the project will have on the community, including the number and types of jobs it will create.

The deadline for submitting applications is 4 p.m. Friday, December 18, 2009.

Under the program, decisions about which projects to fund must be made early next year and projects should be fully funded by 2013.



Brighter Side

Trending

Sierra College President Willy Duncan earns international recognition for economic development efforts

In recognition of his efforts on the team to bring BOSCH to Placer County and his leadership with the Greater Sacramento Economic Council, Sierra College Superintendent and President Willy Duncan has been named the recipient of the 2024 Community Partner Award

PCWA Hell Hole Reservoir project approved to increase storage

Auburn, Calif. - At its Thursday meeting, the Placer County Water Agency (PCWA) Board of Directors approved a $5.8 million contract for the Hell Hole seasonal storage increase project, adding to the capacity of the Hell Hole Reservoir so it can

🍀Clover Valley’s long history predating Rocklin

According to Sierra College Geology Professor Dick Hilton, the valley started to form five million years ago as the Sierra range lifted and tilted westward. Runoff streams wore down millions of years of rock and gravel deposits

❤️ 7 wonderfully fun spring break destinations in California

Roseville, Calif. - We ♥ California! Exploring the breadth and length of the magnificent Golden State is life's never ending journey. With exciting travel opportunities and variety in all directions, Roseville enjoys a premium and convenient location to fuel those adventures.

❤️ Roseville among best places to live in America

Roseville, Calif. - Traveling and living in different states and cities has its own way of informing one's view and perception. It's a fun way to gather ideas when searching for the best place to live. Like so many others, that search would eventually lead us to Roseville.

Topics

Sierra College President Willy Duncan earns international recognition for economic development efforts

In recognition of his efforts on the team to bring BOSCH to Placer County and his leadership with the Greater Sacramento Economic Council, Sierra College Superintendent and President Willy Duncan has been named the recipient of the 2024 Community Partner Award

PCWA Hell Hole Reservoir project approved to increase storage

Auburn, Calif. - At its Thursday meeting, the Placer County Water Agency (PCWA) Board of Directors approved a $5.8 million contract for the Hell Hole seasonal storage increase project, adding to the capacity of the Hell Hole Reservoir so it can

🍀Clover Valley’s long history predating Rocklin

According to Sierra College Geology Professor Dick Hilton, the valley started to form five million years ago as the Sierra range lifted and tilted westward. Runoff streams wore down millions of years of rock and gravel deposits

❤️ 7 wonderfully fun spring break destinations in California

Roseville, Calif. - We ♥ California! Exploring the breadth and length of the magnificent Golden State is life's never ending journey. With exciting travel opportunities and variety in all directions, Roseville enjoys a premium and convenient location to fuel those adventures.

❤️ Roseville among best places to live in America

Roseville, Calif. - Traveling and living in different states and cities has its own way of informing one's view and perception. It's a fun way to gather ideas when searching for the best place to live. Like so many others, that search would eventually lead us to Roseville.

❤️50 Days of the Grateful Dead: They Love Each Other

Not a Valentine's Day classic, but a smooth version of They Love Each Other from the famed Barton Hall performance.

❤️7 reasons we love the Oregon Coast

Portland, OR - Many moons ago, while trekking up the West Coast to British Columbia, like so many others, we fell in love with natural beauty of the Oregon Coast. Each summer for more years than we can recall,

❤️Top 6 reasons we love Auburn

Auburn, Calif. - You might be surprised at just how many local residents in South Placer County have never taken the time to explore Auburn. A world apart and just a mere 15-mile or so drive up I-80.

Related Articles

Local Spotlight

Paul Black’s Solar Panel Cleaning in Roseville serving the region for over 30 years

Roseville, Calif. - Money-saving solar panels in Roseville, Rocklin and throughout South Placer County have become ubiquitous From new residential solar communities continue to big business and after market installation, solar seems to be a smart choice to shred those high monthly electric costs.

Sacramento Naturopathic Medical Center emphasizes the use of prevention and natural therapeutics

Sacramento Naturopathic Medical Center is a professional primary care natural medicine committed to helping all people reach their full potential – mind, body and spirit.

Making a Splash in Roseville at Steve Wallen Swim School

Roseville, Calif. - Steve Wallen Swim School in Roseville teaches swim lessons and water safety for infants, kids, and adults of all skill levels.