A new law, sponsored by the City of Fairfield and signed by Assemblymembers Bill Dodd and Jim Frazier, was signed by Governor Jerry Brown on September 23, 2016. The initial development of the bill started in Economic Development and evolved into Assembly Bill No. 806, which helps local governments in Solano County and across the state to strengthen their economic development efforts.
This new law will allow cities and counties to offer loans to owners or tenants for the rehabilitation of commercial buildings and to create economic opportunities through the purchase, sale, or lease of properties. The legislation will simplify the process by which local governments can assist with economic development and allow cities and counties to enter into agreements that can help create jobs and promote affordable housing projects.
“This new law clarifies that cities have the power to create and provide vital economic development opportunities in their communities,” said Fairfield Mayor Harry Price. “The City of Fairfield greatly appreciates Assemblymembers Dodd and Frazier for joint authoring the legislation and for their efforts to strengthen our local economy.”
For more information about the legislation, please click here.