Our Prosperous Community
Our Prosperous Community
We're working to help businesses grow, attract sustainable industry and bring high-wage jobs to generate the revenue needed to provide vital services to our residents.
Community Partner
"We have selected our Jobs Investment Program Partner to manage Ventura's $5 million fund to help create high-wage Ventura City jobs. Our venture capital partner has substantial expertise in managing and administering capital investment funds, a local presence and a large network, and experience in investing in a broad range of high technology fi elds. These types of public/private partnerships may lead to a more prosperous Ventura."
Ventura exceeded all benchmarks set for a clear economic development strategy
- Directed new development of 120 companies to five key areas: Auto Center, McGrath Property, Westside, Upper North Avenue, and Downtown
- Created an economic progress index to benchmark our City performance in five key business activities
- Ventura's share in all categories exceeds our 11% share of the county population. For example, Ventura's share of the county's total retail sales dollars is 19.5%.
Created a more supportive business climate
- Built 166,161 sq. feet of commercial space in 2005 and 416,158 sq. ft. in 2006
- Set up a $5 million Jobs Investment Fund (JIF) in partnership with a venture capital fi rm to bring start up and expansion fi rms and their high-tech, high-wage jobs to the City
- Gained sales tax revenue by attracting more dealerships (Jaguar, Land Rover and GMC Bunnin) to Ventura Auto Mall through Revenue Enhancement Loans
- Assisted 10 local businesses in growing jobs and revenue through Business Assistance Program Loans
- Installed public Wi-Fi network downtown for wireless Internet access by business, residents and visitors
- Issued 5,702 construction permits in FY 06-07 (up 9% from FY 05-06) worth an estimated $115 million
Expanded business opportunities
- Launched Ventura Prospector web listings for businesses seeking sites to expand or relocate here in response to City's low offi ce, retail and industrial vacancy rates
- Assisted travelers and tourism through new directional signage throughout the beachfront and downtown
- Funded new Downtown Ventura Organization (DVO) to foster business improvements downtown
The Road Ahead
- Strengthen Ventura Auto Center
- Extend Olivas Park Drive to increase access and number of dealers
- Install 95 foot LED monument sign to improve center visibility
- Partner with Downtown Ventura Organization to strengthen historic business core
- Rebuild north end of the Pacific View Mall with new anchor tenants, including Target
- Attract clean industry, jobs and offices to the Westside, Victoria Avenue and 101 corridors
- Develop 80-acre McGrath site as new employment opportunity district
- Complete Westside community plan and redevelopment area
- Finish development codes for our principle commercial thoroughfares: Victoria Avenue, Thompson Boulevard and Main Street