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The city of Torrance recently launched a business incentive program aimed at attracting and retaining large businesses.
Economic Development Director Fran Fulton said in a recent interview that the new program could be attractive to large businesses that stand to benefit from increased workforces and increased sales tax revenue. Ta.
“Our current City Council is interested in us being more proactive in attracting businesses,” Fulton said. “And especially they want to know what kind of big companies we can attract to the city.”
To qualify for this incentive, businesses must hire 100 new employees at their locations, as evidenced through a business license tax application, or hire 100 new employees for four consecutive quarters compared to the previous four quarters. We need to achieve a 20% increase in the city’s sales share. At the same spot.
Maximum incentive amount per contract is $100,000. Businesses can earn the tax by paying a one-time payment of $100 per additional employee or by paying an annual amount equal to 2% of the city’s increased sales tax revenue over four consecutive quarters.
“So it’s going to depend on the sales tax revenue they generate. And we’ll look at whether 2% of that is going to be something they can get back,” Fulton said. “So it’s like a revenue share.”
He said it is possible for businesses to meet both criteria, but they can only earn more than $100,000.
If your business is interested in applying for this incentive, please email the Office of Economic Development at EconomicDevelopment@TorranceCA.Gov or call 310-618-5807.
She also encourages companies that already have a presence in Torrance to contact her office.
“If they need help, or are considering moving to another location, or even if their own space is too small, we will work with them to find a place for them to stay. We want to help you find it,” Fulton said. Grow in Torrance. ”
Most of the existing businesses in Torrance are small businesses, Fulton said. They settle in cities and gradually expand over time. But this initiative takes a slightly different approach, aiming to attract large companies from the start.
“We are business-friendly and welcome all businesses of all sizes,” Fulton said.
“There are a lot of opportunities here,” she added. “Companies choose to remain in Torrance because everyone is within the local area: suppliers, customers, competitors. We have the best of all worlds in Torrance, and we ’s doors are open and the Economic Development Authority is ready to help.”
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