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Oakland Can Raise $ 400 Million to Help Small Businesses Through Government Newsom, AB-464, But Will It?

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ONN – Oakland Can Raise $ 400 Million To Help Small Businesses Through Government Newsom, AB-464, But Will It? – vlog by Zennie62 YouTube

Oakland Can Use TIF To Raise $ 400 Million To Help Small Businesses Through Government Newsom, AB-464, But Will It?

The details:

Oakland can use tax increase funding to raise $ 400 million for small business economic assistance through AB464.

In the aftermath of the COVID-19 pandemic, which devastated California mom and pop businesses, small business advocates won a historic victory today when Governor Gavin Newsom enacted AB464. The bill will provide small businesses with new state funding to buy and / or renovate their own brick and mortar locations, a huge boost to local state economies.

To date, EIFDs have only been used for small individual projects in only a few cities, and funding has been limited to new construction. The law signed today authorizes the use of public funds for the maintenance of existing small businesses or the acquisition of new commercial properties. Expanding the scope and authority of EIFDs will allow better access to capital to meet important and urgent needs at the local level.

“Economic and community recovery from the devastating effects of the COVID pandemic will depend on public investment as soon as possible in order to restart local economies,” said AB 464 author Kevin Mullin, Member of the Assembly. “Since local communities have few alternatives for raising large funds on their own, the EIFD can quickly resolve this civic investment crisis, when it is needed most. With tax-exempt bond interest rates currently below 4%, now is the perfect time to take advantage of civic financial capabilities. The need for affordable housing, homelessness and community facilities, as well as capital for small businesses is at crisis level and I am proud that AB 464 provides the opportunity to expand reach and reach. authority of the EIFD so that these issues can be addressed on a sufficient scale and have a real impact.

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

“Now that California has opened the door to EIFD as a financing mechanism for business development – the sector hardest hit by the pandemic – we will see renewed and stabilized growth of small businesses statewide,” said John Elberling, Founder and President of Build Affordable. Faster California, who sponsored the bill. “This is precisely why Assembly Member Mullin introduced AB 464, to enable California cities to help small businesses buy or renovate their own properties as part of their community’s economic recovery.”

The new law will also allow cities to support the acquisition and improvement of new facilities for
non-profit community organizations that provide services to the homeless, youth, health and social services to
residents.

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

Message from voters is clear: Californians need an economic stimulus for small businesses
to jumpstart its recovery, and an investment in affordable housing to protect hundreds of
thousands of residents fall into a serious crisis.

Oakland can turn the plains into a large EIFD area and raise $ 444 million for a bond issue to help small businesses with $ 10,000 grants to each of the city’s 44,000 small businesses. He can customize it to help the homeless. The possibilities are only limited by the imagination.

Oakland must do it now. No excuses.

Stay tuned.

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Note from Zennie62Media’s Zennie62 YouTube and Oakland News Now Today SF Bay Area Blog: This video blog post shows the full, live operation of the latest updated version of an experimental network of mobile multimedia video blogging system Zennie62Media, Inc . which was launched in June 2018 This is an important part of Zennie62Media, Inc.’s new and innovative approach to news media production. What we call “the third wave of media”. The uploaded video is from a vlogger with Zennie62 on the partner channel YouTube, then uploaded and formatted automatically on the Oakland News Now site and social media pages created and owned by Zennie62. The overall goal is to report real-time on-scene news, interviews, sightings and events around the world in seconds, not hours. Now the news is reported with a smartphone: no heavy and expensive cameras or even a laptop are needed. The secondary objective is the production and distribution of news media content faster and very inexpensively. We have found that there is a lag between the length of the post and the production time and revenue generated. With this the problem is much less, but by no means solved. Zennie62Media is constantly striving to improve the system’s network coding and is looking for interested multimedia content and technology partners.

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