City of Cerritos 2010 Most Business Friendly City Torrey Contreras, ASLA, Director of Community Development City of Cerritos: 2010 Most Business Friendly City Regional Location Los Angeles Cerritos Regional Business District Orange County International Airport City of Cerritos: 2010 Most Business Friendly City Mixed Land Uses City of Cerritos: 2010 Most Business Friendly City Background Information • Total Population: 49,041 • Main Employment Sector: Retail • Total Cerritos Jobs: 36,000 • Top Employers in Cerritos: • Los Cerritos Center Mall (3,200 jobs) • Cerritos Auto Square (2,000 jobs) • United Postal Service (1,700 jobs) • ABC Unified School District (1,300 jobs) City of Cerritos: 2010 Most Business Friendly City Redevelopment Project Areas City of Cerritos: 2010 Most Business Friendly City Tax Increment Revenue Total Tax Increment Revenue $35,000,000 $33,711,139 $34,000,000 $32,454,062 $33,000,000 $32,000,000 $31,362,844 $31,000,000 $30,000,000 $29,860,652 $29,163,729 $29,000,000 $28,000,000 $27,000,000 $26,000,000 2006 2007 2008 2009 2010 • 2010 Tax Increment Revenue: $31,362,844 City of Cerritos: 2010 Most Business Friendly City Cerritos Auto Square City of Cerritos: 2010 Most Business Friendly City Cerritos Auto Square City of Cerritos: 2010 Most Business Friendly City Cerritos Towne Center City of Cerritos: 2010 Most Business Friendly City Cerritos Towne Center Infrastructure City of Cerritos: 2010 Most Business Friendly City Cerritos Towne Center Today City of Cerritos: 2010 Most Business Friendly City Cerritos Taxes and Fees Sales Tax • 2010 sales tax revenue: $19.9 million • Ranked #54 out of #538 California cities • Major generators of sales tax: • Cerritos Auto Square • Los Cerritos Center • Cerritos Industrial Park • Cerritos Towne Center • Transient Occupancy Tax: 6% City of Cerritos: 2010 Most Business Friendly City Business Fees/Taxes • Low Business License Fees • Low Entitlement Fees • No/Low Property Taxes • Businesses not assessed a separate property tax • No Utility User Tax • No Library Assessment Fee • No Street Lighting Assessment Fee • No Impact Fees City of Cerritos: 2010 Most Business Friendly City Economic Development Economic Development Commission • Appointed by City Council • Comprised of Cerritos residents & business owners • Advisory Body to City Council • Democratic process • Public Hearings • Responsibilities Include: • Oversee the implementation of the Economic Development Strategic Plan • Provide input on business retention and expansion • Assist with business marketing issues and technology related issues City of Cerritos: 2010 Most Business Friendly City Recent and Future Projects Los Cerritos Center Expansion Nordstrom City of Cerritos: 2010 Most Business Friendly City M.A.C. Cosmetics True Religion Brand Love Culture Jeans Carlton Hair Apple Inc. Foreign Exchange Los Cerritos Center Expansion Multi-Tenant Commercial City of Cerritos: 2010 Most Business Friendly City Los Cerritos Center Expansion Forever 21 City of Cerritos: 2010 Most Business Friendly City Los Cerritos Center Expansion Lazy Dog Cafe City of Cerritos: 2010 Most Business Friendly City Cerritos Towne Center Five-Story Office Building City of Cerritos: 2010 Most Business Friendly City Cerritos Auto Square Land Rover Dealership City of Cerritos: 2010 Most Business Friendly City Cerritos Auto Square Kia Dealership City of Cerritos: 2010 Most Business Friendly City Buffalo Wild Wings City of Cerritos: 2010 Most Business Friendly City Stacked Restaurant City of Cerritos: 2010 Most Business Friendly City Walmart Expansion Project City of Cerritos: 2010 Most Business Friendly City Marriot Residence Inn Hotel City of Cerritos: 2010 Most Business Friendly City END OF PRESENTATION City of Cerritos: 2010 Most Business Friendly City.