In an effort to attract and retain high-performing companies, the San Diego City Council this week revamped its 25-year old Business and Industry Incentive Program, which provides substantial development and business incentives for private capital improvement investments. Entrepreneurs throughout the region will want to make themselves familiar with the new program.
The original program—which helped incentivize larger companies like Ballast Point Brewing Company and AleSmith Brewing Company to keep their businesses in San Diego—was intended to attract and retain major revenue and job-generating projects throughout San Diego. However, in light of significant changes within the local economy, concerns about the program’s effectiveness for small and mid-sized start-ups, and new research in economic development best practices, the San Diego City Council voted to replace the original program with a new economic growth program called the Business Incentive Program (“BIP”). The BIP is a significantly different approach to helping San Diego retain and recruit high-performing companies, including small and mid-sized start-up companies, with strong potential for business growth while prioritizing companies committed to supporting San Diego’s workforce, sustainability and economic goals.
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