California Comprehensive Annual Financial Report - City of Temecula

City of Temecula
Letter of Transmittal - continued
CAFR Fiscal Year Ended June 30, 2009
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The City continues its efforts to grow and sustain the economy of Temecula through
business attraction, retention, workforce development, higher education, tourism and
film. The City partners with the Chamber of Commerce, Convention and Visitors
Bureau, Riverside County Economic Development Agency, Riverside County Workforce
Development Agency, Inland Empire Film Commission, and Economic Development
Corporation of Southwest California. These alliances create synergy by leveraging
assets and resources necessary to reinforce our markets. The City has also worked to
develop and market Temecula as a tourist destination and continues to promote large
scale events to attract visitors from other areas. Plans have begun for the construction
of the new Temecula Regional Hospital project. This hospital will be the first hospital
within the City to serve the medical needs of residents. Professional Hospital Supply
(PHS), the City’s largest sales tax generating business, recently added over 600,000
square feet of space, which is anticipated to result in increased sales tax to the City, as
well as 20%-30% growth in jobs over the next five years. Abbott Laboratories recently
added over 300,000 square feet with the completion of two new buildings, including
office, lab, manufacturing space, and a parking structure. Springhill Suites, a new 142
unit hotel, recently opened in the City and will provide visitors with another opportunity
to enjoy their stay in the Temecula Valley and the Planning Commission has approved a
new 168 room hotel, as well as a new Mercedes-Benz dealership. The recent 125,000
square foot expansion of the Promenade Mall added upscale retail shops and
restaurants, road improvements, and two parking structures. Businesses have been
attracted to Temecula for a number of reasons, including its highly skilled labor force,
school system, close proximity to San Diego, Los Angeles, and Orange Counties,
quality and affordable housing, and excellent quality of life. The City of Temecula is
also committed to providing excellent, expeditious, and clear development guidance to
companies located or planning to locate to Temecula throughout the development
process.
The City is a major retail hub along the Interstate 15 corridor and continues to promote
to help lure high-end retail and restaurants. The City remains engaged in business
retention and expansion efforts and supports the Temecula Valley Chamber of
Commerce’s “Shop Temecula First” campaign. The City continues to work with
colleges and universities to develop multiple higher education opportunities. Temecula
Valley Unified School District recently approved a ten-year lease with California State
University San Marcos to utilize a portion of a vacated elementary school campus. In
conjunction with the lease, the City approved funding in the amount of $3 million to
provide the needed tenant improvements and development costs for the facility.
California State University San Marcos anticipates construction to commence after
January 2010 and the facility to be operational by the fall of 2010.
Housing and Redevelopment
The Temecula Redevelopment Agency activities during fiscal year 2008-09 included the
acquisitions of eleven very-low income units conveyed to the Agency as part of the
negotiations that took place with the developer in the previous fiscal year. The Agency
then put out a Request for Proposal for the sale of those housing units to qualified
affordable housing organizations. An affordable housing partner was chosen and the
eleven units were subsequently sold to Jamboree Housing.
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