Local government: economic development.

Existing law includes various programs to facilitate economic development at the local level, including the Community Redevelopment Law and the Enterprise Zone Act. (1) This bill establish the University Park and Research Educational and Technological Fund, authorize the City of Chula Vista to collect private moneys for deposit in the fund and allocate any moneys in the fund to make loans to, or donations for, businesses or educational institutions within, or with the intent to locate within, the University Park and Research Center. The bill would provide that the city administer and oversee the fund. The bill would also provide that moneys deposited in the fund only be used for specified purposes. (2) The bill would establish the University Park and Research Center Educational and Technological Tax Credit Program. Under that program, a taxpayer would be granted a credit, as specified, for a period of no more than 7 years, against the taxpayer's state corporation tax or state personal income tax liability, on the amount invested in businesses or educational institutions within, or with the intent to locate within, the University Park and Research Center, during the taxable year. (3) This bill would make legislative findings and declarations as to the necessity of a special statute for the City of Chula Vista.