agenda city of watsonville city council/redevelopment agency meeting

This program is another tool that the City of Watsonville can use to attract business, construct
vital infrastructure or address conditions of blight throughout the city. Participating does not
guarantee funding for projects, but not participating assures no funding through this program.
The MOU does not obligate the City of Watsonville to anything other than to be a supporter of
the California Sunshine Regional Center. Additionally, the City will be obligated to keep
projects and project details confidential (including terms of specific real estate negotiations and
proprietary business and trade information submitted) for those entities seeking funding prior to
and during investment and carries no direct fiscal impacts. However, the CSRC group is
expecting that Watsonville projects will account for $25 to $50 million in direct investment from
the EB-5 Visa program.
STRATEGIC PLAN:
This project is consistent with the Strategic Plan Goal of Sustainable Economic Development
and is consistent with the Agency’s Five Year Implementation Plan.
FINANCIAL IMPACT:
No direct fiscal impact. The program could result in substantial new investment in Watsonville
that would have a long term positive impact on City revenue and a long term positive impact on
employment rates. Given the current financial constraints of our Agency, this simply is another
important tool that can be used to further our economic development efforts.
ALTERNATIVES:
City Council and Agency could decide to not participate in the California Sunshine Regional
Center. This action is not recommended as it would reduce our ability to access EB-5 Visa
funding via this Regional Center.
ATTACHMENTS:
1. Draft California Sunshine Regional Center Application
2. Regional Center Principals Resumes
cc:
City Attorney/Agency Counsel
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