LOS ANGELES (CNS) — The Los Angeles County Board of Supervisors have voted to establish an economic development trust fund, targeting disadvantaged communities in unincorporated areas and making an initial deposit of $965,000.
About one-third of that money will go toward efforts to boost the bioscience industry.
Supervisors Mark Ridley-Thomas and Hilda Solis proposed the trust fund, with Ridley-Thomas saying the move highlights “the value that (the county) can bring to the table for ensuring that our local economy continues to provide quality jobs needed to sustain healthy, vibrant communities.”
Their motion proposed investing another $4.5 million next year, incrementally increasing to $15 million by 2021, and called for CEO Sachi Hamai to look at funding sources.
The trust fund will provide loans to small and medium-sized manufacturers and technical support to the bioscience and other emerging industries.
Solis said she was aware that “many are not sharing in the wealth” and said she believed public-private partnerships were “the name of the game — the county can’t do it all.”
Money may also be used to renovate old storefronts to revitalize commercial corridors.
BAE Urban Economics Vice President Sherry Rudnak called it “a great step forward” for “communities that have been traditionally overlooked by private capital.”
The Community Development Commission will administer the fund under the oversight of an advisory committee.