The City of Santa Clarita is home to the largest master-planned industrial park in Los Angeles County, and in 2008 was named the "Most Business Friendly City in Los Angeles County" by the Los Angeles Economic Development Corporation.
The Santa Clarita Enterprise Zone received its official designation from the State of California on July 1, 2007. The Enterprise Zone (Zone) program is a tax savings benefit available to businesses located within the Zone. The Zone encompasses 97% of all commercial and industrially zoned land in the City of Santa Clarita. In its first two years of existence, the Zone proved to be a success for the business community in Santa Clarita:
Since receiving its designation, the City of Santa Clarita has held 24 workshops, giving representatives of the local business community the opportunity to learn about the tremendous tax saving benefits of utilizing the Zone designation.
In Fiscal Year 2007-08, the City issued 152 Hiring Credit vouchers to local businesses located in the Enterprise Zone. With an average business owner receiving approximately $37,000 over a five-year period for a single qualifying employee through the program, these 152 vouchers represent a potential savings of over $5.6 million to local businesses in the City.
In Fiscal Year 2008-09, the City issued 460 vouchers which represented a potential savings of more than $17.2 million, tripling the potential savings of the previous year.
To date in Fiscal Year 2009-10, the City of Santa Clarita has issued 799 vouchers, totaling a potential savings of $29.9 million.
In total, since the Enterprise Zone designation:
- Over 1,400 employees have been hired by Santa Clarita companies
- Over 170 businesses are participating in the program
- Potential savings of $52 million in tax savings to local businesses
The Enterprise Zone continues to be one of the driving factors for businesses to locate in Santa Clarita. Named the 11th fastest growing retail market and consistently recognized as one of the most business friendly cities in Los Angeles County, the City of Santa Clarita will continue to outreach to local businesses and increase participation in this program in the years to come. As more and more businesses take advantage of the benefits available, new jobs will be created, existing jobs will be retained, and businesses will see increased success.
The Santa Clarita City Council and local business community support efforts to enhance the State of California's Enterprise Zone Program.