L.A. Area Chamber joins Councilwoman Greuel to announce plan to revive local economy

LOS ANGELES, CA — Continuing her work to create jobs and make Los Angeles more business-friendly, Councilwoman Wendy Greuel and business leaders, including the Los Angeles Area Chamber of Commerce, announced 30 proposals to stimulate the local economy. 

“With our economy in crisis, now is the time that we must be aggressive and innovative in our efforts to create new jobs and put Angelenos back to work,” said Councilwoman Wendy Greuel.  “These proposals will cut the bureaucracy, making it easer for existing businesses to expand, and for Los Angeles to attract new businesses and their high-paying jobs.” 

With the City facing a multi-million dollar budget deficit and nearly a 10% rate of unemployment, Councilwoman Greuel introduced the most comprehensive package of proposals to date, from the Los Angeles Economy and Jobs Committee report - http://www.laejc.org/index.asp - which are designed to promote high-quality job growth and sustainable economic development in Los Angeles. 

“The L.A. Area Chamber applauds Councilmember Greuel for taking specific actions to advance the recommendations of the Los Angeles Economy and Jobs Committee (LAEJC),” said Gary Toebben, President & CEO, Los Angeles Area Chamber of Commerce.  “This series of motions will lay the groundwork for important improvements to the City’s planning and permitting, workforce development, federal housing development and other programs.”

Some of the proposals include: 
•    Making tax credits and other incentives available to entertainment and technology companies through targeted and repackaged enterprise zones. 
•    Requiring City departments to address issues identified in audits conducted by the Controller and to follow up with reports to the Council and Mayor.
•    Working with local economic development organizations to market Los Angeles to existing and relocating businesses.

“I support Councilwoman Greuel’s leadership in trying to have the city of Los Angeles move aggressively to implement many of the LAEJC’s recommended actions,” said City National Bank CEO and LAEJC Chairman Russell Goldsmith.  “I urge the entire city council to adopt her resolutions, which will make a series of much-needed commitments to economic development and job growth in Los Angeles.”

This is the latest effort by Councilwoman Greuel to make Los Angeles more business friendly.  In 2003, she implemented an historic business tax reform proposal, which cut the City’s business tax by 15% overall, which has saved businesses in Los Angeles nearly $50 million so far.  Councilwoman Greuel’s tax cut also waive all business taxes for businesses with gross receipts under $100,000. 

“Councilmember Greuel is showing real leadership by introducing these motions.  The recommendations to stimulate the local economy are needed now more than ever,” said Stuart Waldman, President and CEO, Valley Industry and Commerce Association.