Hoping to spur job creation near Los Angeles International Airport, officials on Monday announced the creation of an enterprise zone offering economic incentives to businesses in the area.
The LAX area State Enterprise Zone, which targets businesses within 1,078 acres of industrial and commercial land surrounding LAX, will offer $37,400 in tax credits over a five-year period for each qualified employee hired, along with a 35 percent utility rate discount over the same period.
Companies in the enterprise zone also will get priority on state contracts, loan interest cuts and tax credits for purchasing machinery and equipment.
Approval of the zone was expedited last month when Mayor Antonio Villaraigosa discussed the issue with Gov. Arnold Schwarzenegger after they announced that Chinese automobile manufacturer BYD was moving its North America headquarters to Los Angeles.
• Read a Daily Breeze story about the announcement.
• Read the full press release on the City of Los Angeles web site.
