The Economic Development Department is the agency charged with attracting new business and industry to the City and providing economic development services to resident industries and businesses. This department also functions as the City's redevelopment agency.
Recognized Obligation Payment Schedule
Pursuant to AB26x the following is the Redevelopment Successor Agency's Recognized Obligation Payment Schedule (ROPS):
- Eliminate the Blight: Encourage the cooperation and participation of property owners, public agencies, and community organizations in the elimination of blighting conditions in the Project Area.
- Emphasize Infrastructure Improvements: Improve Project Area and regional traffic circulation by constructing or improving streets in the Project Area. Provide additional public improvements and facilities, such as water lines and sewer lines, as identified in the Redevelopment Plan. Provide for the construction of water supply systems which provide adequate hydrants and fire flows. Provide storm drain facilities which will protect lands in the Project Area from storm flows generated in the Project Area and from areas located outside the Project Area.
- Stimulate Economic Growth: Provide a mechanism for ensuring the long-term viability of the Central Business District utilizing commercial rehabilitation and planned new commercial developments.
- Encourage Private Sector Investment: Encourage private sector investment in the redevelopment of the area. Provide for a procedural and financial mechanism by which the agency can assist, complement, and coordinate public and private development, redevelopment, revitalization, and enhancement of the Perris community.
- Promote Compatible Development: Remove economic impediments to land assembly and in-fill development in areas which are not properly subdivided for development.
- Preserve Historic Structures: Promote the preservation of historic structures in the core of the City and facilitate the expansion of the City’s tax base through the preservation and improvement of historic areas.
- Provide Housing for All Families: Provide for new housing as required to satisfy the needs of the various age, income, and ethnic groups in the City, maximizing the opportunity for individual choice. Protect the health and general welfare of low- and moderate-income persons by increasing and improving the community’s supply of housing affordable to these persons.
How Redevelopment Works
When Redevelopment Agencies make improvements to project areas, property values within those areas rise, resulting in an increase in property tax revenues.
State law allows Redevelopment Agencies to watches replica receive the increase in tax revenues, also known as the "Tax Increment". Redevelopment Agencies use these funds to acquire property, build public improvements and infrastructure, clean-up contaminated soil and do other things necessary to improve the conditions of the Redevelopment Project Area.
The Redevelopment Agency’s commitment of funds attracts private investment and creates a chain reaction where the ultimate economic output is larger than the original investment.
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