Economic Development Committee - Regular Meeting

Afternoon, everyone. I'm gonna call this meeting to order on Thursday, July 17 at 3PM. My name is Steven Robillard. I'm the chairman of the economic development committee, and I'm gonna go ahead and start with our public comments. If you can go ahead and read the prompt.

Public comment is now open for this item. Available in both English and Spanish. Call (951) 826-8686 and follow the prompts to access the meeting in either language. To request to speak, press 9. You can also join via Zoom. The meeting ID for both languages can be found on the agenda.

Okay. Seeing that we have no request to speak in chambers, and I don't believe we have any callers, we're gonna go ahead and move on to discussion calendar item number two, proposed building plan check self certification program presented by Oscar Mancias and Steve Kim.

Well, I have to say I'm glad I'm facing the nice committee today. What's up? All right. Well, good afternoon Chair and committee members. I'm Oscar Manzillas and I have the honor to serve as the building official.

Now over the past few months, I'm sure you have all heard our team speak about Streamline Riverside. Now this is our commitment to expedite permit issuance and support growth within our development community. So today, I'm excited to introduce the Plan Check Cell Certification Program, the next logical step in this effort. I'll guide you through how this program works, who can participate, which project is qualified and the benefits it offers to the development community. Now I'll guide you through how the process works, who can participate and the benefits it offers to the development community.

Now this program is more than just set of procedures. We're on a mission to build trust, enhance efficiency and create a predictable framework for economic development, all critical ingredients for Riverside's economic growth. The best part is we're doing it without compromising safety. Okay. Let's start with why this matters.

Our mission is simple but powerful. First, to deliver programs that speed up the permit process in a predictable and transparent way, giving businesses and homeowners clarity and faster turnaround times. Second, a unique feature is in the emergency response clause. Given California's history with wildfires and who can forget the wildfires that destroyed homes here in Riverside not too long ago. This program can fast track rebuilding after natural disasters by allowing licensed design professionals to self certify like for like projects.

It supports community resilience and faster recovery while keeping safety intact. This program also supports research economic development goals and emergency preparedness efforts. Now let's review the specific objectives of this program. Today's presentation will educate and inform you about how the program works, review program guidelines and processes, discuss our phased approach to implementation, highlight eligible residential and commercial project types, examine the pros and cons and outline next steps to implementation. We want to make sure you have a successful understanding and confidence as we move forward.

Now let's begin by defining self certification in the context of plan review process. Plan certification is just an option where approved license design professionals, certified plans comply with adopted codes and bypass building plan check process, expediting permitting review and approvals. Now we're not reinventing the wheel. Let me share some background on self certification programs. Self certification is a new states like New York, Phoenix, Chicago and recently California, cities like Bellflower and County Of San Diego have successfully used this program to streamline permit issuance.

Now what's unique for us in Riverside and being in California is tailoring this approach to meet our strict California codes and regulations, especially our leadership in seismic safety, energy efficiency, wildfire resilience and environmental standards. Steve Kim will speak will go into detail later on. Now our program builds on proven models, but it's customized for our state's unique requirements and risk. Now who qualifies to participate in this program? Now licensed design professionals register in California with at least five years of relevant design experience can apply.

The building official will review applicants based on experience, expertise and understanding of our adopted building codes. Once approved, these professionals can submit plans for eligible projects. Staff will verify project eligibility during prescreening and ensure only all additional requirements approvals from other departments are obtained before issuing the permit. Of course, with greater responsibility comes the need for safeguards. Here's how we address those.

To protect the city from and the community, participants must provide professional liability insurance and errors and omissions coverage. Additionally, they have to submit an indemnification letter holding the city harmless against claims for noncompliance related to these projects. These safeguards ensure accountability and reinforce public safety even we expedite the permit process. Now I'm going to turn it over to Assistant Building Official, Steve Keene, will discuss all the type of projects that qualify.

Thank you, Oscar. Next, I'd like to share the project types that are eligible for self certification. For residential projects, these include interior remodels, one story additions less than 500 square feet, detached accessory structures less than 1,200 square feet, patio covers and carports less than 1,200 square feet, detached garages less than 1,200 square of homes damaged by natural disasters. For commercial projects, the following will be eligible for self certification. Tenant improvements less than 5,000 square feet, patio covers and shade structures less than 1,500 square feet, accessory structures less than 1,500 square feet, rooftop solar PV systems and solar carports and site improvements.

In California, self certification programs have struggled to gain traction due to geological hazards such as earthquakes, wildfires and strict environmental regulations that require quality control measures and checks and balances to ensure regulatory compliance. Given these concerns, staff recommends excluding the following project types from the initial rollout of the program. Projects located within historical preservation zones, projects in very high fire severity zones, projects intended for hazardous uses, projects requiring environmental reviews, and new building construction. Staff recommends a phased approach beginning with low risk projects that can be jointly reviewed by building planning and fire departments without requiring coordinations with other divisions within one stop shop. This strategy is intended to improve throughput and operational efficiency while minimizing risk.

In future phases, the program will gradually expand to include new building construction as we collect data and gain experience. So here is a quick overview of how the self certification program works. The process begins when the licensed design professional submits an application to participate in the program. Once approved by the building official, are added to the city's public list of eligible professionals. Projects are prescreened by staff to confirm they meet the eligibility criteria.

If any additional approvals from other departments or outside agencies are needed like public works or county environmental health, those are identified and promptly communicated to the design professional. The full project package are submitted and staff conducts an administrative review to ensure all documents are complete. If the document passes the completeness check, staff prepares the final fees, conditions of approval and approves plans. And once fees are paid and all conditions are satisfied, the permit is issued. And all of this will be completed in a span of up to three business days.

All self certified plans are subject to random audits to verify compliance with applicable codes and regulations. These audits help ensure quality control and confirm that the project meets the established performance criteria. They also serve as a safeguard to identify and remove bad actors from the program. In alignment with other established self certification programs across the country, random audits will be conducted on 10% of the submitted projects. In addition to random selection, audits may be triggered by significant deficiencies or code violations discovered during inspections or if the design professional has a history of failed audits.

Privileges shall also be revoked by the building official if the self certified professional fails three audits within a three year period or fails to bring the required plans and construction into compliance with the code. Next, I'll turn it back over to Oscar for further consideration.

Thank you, Steve. Now let's review the advantages and challenges of this program. Process, rapid permutations normally within three business days, shorter overall project timelines, initial cost savings through reduced plan check fees, promote a business friendly environment attracting investment, allow it allows staff to focus on complex projects, improving overall service delivery. Now on the cons, potential increased risk for code violations and safety issues without technical plan review, possible increased construction costs or delays if violations occur, additional workload and training demands for inspectors and staff uncertainty regarding insurance premiums impacts for design professionals also the impact on construction loans. I know some institutions may not like the fact that we're not reviewing their plans.

The ongoing need for program management and resource investment. Overall, the program strikes a balance between efficiency safety with strong safeguards in place. Now how will the program affect fees and cost recovery? Now fees will be adjusted to reflect actual time spent on self certification programs. This includes plan check fees scale to program requirements, program registration and maintenance fees for participants, inspection fees, including reinspections if necessary.

Staff will collaborate with finance to develop an equitable fee structure that supports the program administration while adhering to state law. Now looking ahead, what are the next steps to fully implement the program? Shall the committee recommend advancing the program? Our upcoming task will include drafting and finalizing the program resolution and ordinance, updating the Fees Caso and preparing the fee resolution, finalizing program guidelines, policy documents and customer resources, implementing necessary software updates to support tracking and administration as well as conducting staff training and allocating resources for program management. We anticipate a phased rollout to ensure smooth adoption and continued refinement.

Now this program aligns with our strategic priorities. The program aligns with strategic priority number five, high performing government, specifically Gold 5.2 in all cost cutting threats. Finally, here are our recommendations for your consideration. Staff recommends that the committee receives and files this report on the proposed building plan check self certification program and provide input and direction to proceed with the draft ordinance and supporting documents for City Council consideration. Thank you for your time and attention. I look forward to any questions and feedback.

Thank you, Oscar. I'm gonna go ahead and open it up to our committee here. Go ahead and have public comments first actually, and we'll go ahead and play the recording.

Public comment is now open for this item, available in both English and Spanish. Call (951) 826-8686 and follow the prompts to access the meeting in either language. To request to speak, press 9. You can also join via Zoom. The meeting ID for both languages can be found on the agenda.

Okay. Seeing that we have no speaker cars and no cars online, we'll go ahead and open it up to our committee here and, Steve, if you have anything to share.

Yeah. Thank thanks so much for this. It's it's always good when we can, as we've called it, streamline things because it it brings projects faster. Guess, the two slides that I initially, after looking through the presentation, figured it might always be worth spending time on is the cons, which I think is also maybe translated into the program impact. And so, I'm just wanting to make sure I'm understanding because at first, I was thinking it's only pros to this because we're speeding things up or essentially cutting down on certain costs, it sounds like there could potentially be some negative impact.

So if I could, may I just go like one by one and see if I'm understanding? So on the cons portion and it says code compliance and safety, is this if something is potentially missed in the the program? Because we already do code compliance and safety even if we've approved everything currently. Right? We still have to go out and and make sure everything's in code compliance. So this would just be if for something was, for example, something was missed and now there's an extra due diligence that we would have to catch it. Is that what we're talking about in that piece or is there something else that I'm missing?

Well, because we're skipping the technical plan review of it. It's easier to move a wall in paper than it is once it's built. So, that's what we're talking about. That's a negative, right? Because even though we're the process, the permitting process, if there are violations that are observed during the inspection, then they have to address them and that's where we can encounter potential delays.

And that kind of translates then into the next piece which is the potential increased cost and delays because now they're undoing something and then done. Correct. And then with the inspector responsible and work I'm guessing there's some overlap on that one too because now there has to be even more careful review knowing that perhaps the plans were created by someone else. The one I'm curious about is revenue impacts and program management. Can you tell me what that means? Because when I see revenue impacts, I go, wait a second, what is that?

Thank you for the question, Council Member Hemingway. Revenue impacts state law, government code. We can only charge fees in the amount of service level that we provide. So there will be those who are in the program that say, if we're not getting a plan review, why are we paying a full plan review fee like any other project that runs through the city? So we really have to take a good strong look at what time are we actually spending on the review.

And though we're not doing a technical plan review, we still do an administrative review. You get a set of plans in, you have to make sure they're stamped appropriately by the architect, all the sheets are there, they're supporting documents like their energy forms and their soil reports and so forth. So there is still a level of review that will happen during the completeness check, but there won't be a technical review. And because of that, we have to take that into consideration because we could potentially be challenged.

Got you. So we might have to reduce or find a different nominal fee. Are we able to spread the the cost of these sort of random audits over every fee that's been because when I looked in at plan check fees, so you're saying right size the fees for the actual time spent on the program. Since they're random audits and it may not be with one particular plan, but they're do we get to sort of communally spread those overall as a as a potential cost so that we're not at least losing all the revenue if if we're not doing a special check?

That that's correct. It's really a balancing act with the program. So though though we may reduce with plan check fees and may see an additional cost savings there, there's also the program registration fees and maintenance fees that will come about that will help balance along with the auditing processes as well. So that's all things we need to take into consideration with these fee schedule updates.

Yeah. That makes complete sense. No. This is helpful. I've heard that other cities in in other spaces, so neighboring cities even have AI review happening. Is that something we maybe already looking into it to dovetail with this that might kind of take a first flush or first crack at it as well?

Great question, council member. We have many tools in the toolbox that we are considering with the Streamline Riverside refresh, and if you may recall, I'm not sure if you were here when we presented to city council not long ago, One of the tools is AI plan check that we're exploring. Collectively when you add all these tools together there's gonna be a lot of options to streamline the review and approval process.

Perfect. If it was in the last two meetings I wasn't but if it was before then it's just getting old in my brain. So thank you for that. It's great. Appreciate this. Thanks for all the work. That's all. Thank you, chair.

Thank you, Steve. And, yeah, just continuing on that. I saw that the included projects, it's a pretty good list, and I think it's a pretty safe list of common types of permit requests that we get or maybe are not getting because people are just doing them without the permits, which is I think is what we're trying to avoid here. Can we also maybe think about the electric vehicle chargers as also one of those? So I solar as part of it, but is there

that you We say that council actually had EV charging included, and our friends at public utilities raised a concern because with EV charging stations, there's a demand in the increase in the service load. So in many instances, they have to do service upgrades, which obviously requires review and approval from public utilities. So we're still looking at it, but we are communicating with our partners at Public Works and seeing if that's something that we can include down the line and how can we do it.

So that'd be for a commercial, like, EV charger. But what about for residential? Can we maybe just include residential EV chargers?

Well Yeah. Those are done over the counter. Oh, okay. Okay. Yeah. So There's already some residential. Yep.

Okay. There's state law that requires us to expedite residential charging.

And then the avoiding fire hazard zones. And, you know, we have those new maps that are coming in. And is that more of a liability on our side? Because I know a lot of those maps are kind of it's a big blotch over a lot of area that I wouldn't necessarily consider a fire risk. But, you know, there's a lot of those, like Sycamore Canyon area, a lot of those warehouses, once you get that's just a bunch of concrete. So is that taking into consideration or are we just kind of blanketing no fire zones at all?

Yeah, that's the fire marshal discretion. Yeah, we have no purview on that.

And this will be an evolving kind of thing as we go through it, right? As we learn best practices and things like that, we can kind of evolve. Yeah. Chris, there

there are many technical fire and building code standards for high fire and very high fire severity areas that in many instances, you you likely don't wanna put in the hands of a licensed design professional without some level of discretionary review. So we're looking at it but we're taking that phased approach.

And then even with the new codes because of all the fires, the building code requirements when you're in a fire zone just went through the roof honestly. With firewalls, screens, and many different requirements that we definitely don't wanna do it, like you just mentioned, with a licensed site professional without getting eyes on

it. Great. And I know we're having a review coming up here, workshop with our commercial tenant improvements. And I know Chris won't be here for it. We'll miss you. Or will you be here for it?

I'll be happy to show up, councilman.

We'll miss you, but I know that there's such a variance between use types so far as what kind of restaurants or regular retail or office. And so I know up to 5,000 square feet is gonna be self certification. So I'm really curious to see how that works out because I think there's gonna be a lot of nuance in in that that process because it it's a, like I said, all use types are very different. But, thank you for that update. I really appreciate it.

I think this is moving forward in the right direction and in line with that streamlined Riverside and have that self certification. And I didn't realize how so few cities have self certification. So, it makes me proud that Riverside is one of the few in California that does it. Thank you. Alright, so we're gonna go ahead and move on to communications and we'll move on to item number three, which is update on business attraction.

Council member, I think there's an action that we might need to Oh,

you're right. We do need an action, Well, we'd like to make a motion.

Go ahead.

We are going to move a staff recommendation, and I'll look to my right

for Yeah.

Second. Okay. Two votes. That's all you need? Alright. Sounds good. Alright, we'll move on to communications item number three, update on business attraction efforts at SelectUSA Investment Summit and International Council of Shopping Centers twenty twenty five. And I believe Miranda's gonna give us the update.

Yes. Thank you so much. Good afternoon. Just waiting for slides. Perfect. Thank you very much. Okay. So it has been a very busy summer. The last time we were together, I believe, was the day after our team returned from ICSC, our busy month of May, opportunity making, as we like to call it. And we had the hiatus last month, so this is the first opportunity for us to come back and share the great news about some recent business attraction efforts.

So in May, we had the privilege of attending the SelectUSA International Investment Summer Summit, excuse me, alongside the leadership of Mayor Locke Dawson and Councilmember Robillard, Chair of the committee, and we had a very fruitful, very productive summit. We made 42 contacts in just three days, spent a hundred and thirty six hours pitching Riverside, sharing our why Riverside message, sharing collateral, having fantastic meetings. We spoke with companies, primarily startups. So ranging when you total up all of the companies from 105 to two ninety total jobs. So that is a lot of impact, especially when we're talking about startups.

We walked 56 miles, a lot and lot of walking. And we had meetings with over 22 countries and made some fantastic relationships. Following that, we also had the privilege I'm sorry, let me switch slides. SelectUSA, here's a quick overview of some of the key prospects that we're continuing our efforts on building relationships, following up with them on their needs, and inviting them to come to Riverside and continue those conversations. And we're very excited about those opportunities.

Here are just a few of the prospects. There are many more, but these are some of the main ones. And really, when you break that down, we primarily met with a lot of green tech companies, many ag tech companies were also represented there. Bio as well, as well as other emerging startups. And I did want to share an anecdote on the power and notoriety of Riverside.

As councilmember Roe Bollard and Mayorlock Dawson, we arranged a meeting with the Ministry of Economic Affairs for Taiwan. And, the woman pictured in between council member and mayor is a UCR alum. What a small world. So we saw the power of Riverside from Taiwan to DC where we were meeting. And below it is a picture, the assorted rainbow of business cards I have, and, we've now cataloged that, and myself and team are hard at work on follow-up from SelectUSA.

So thank you so much, Councilmember Robillard, for all of your support and your leadership. I think it was a very successful investment summit. And even as of today, we are working on drafting our application so that Team Riverside, UCR can be on a panel so that we are at the forefront of conversation. So thank you for that. And I will say we were the only city, county, and institution of higher education team who was there, and also had the added bonus and privilege of having our mayor and council member there.

So that really was a wow factor when we were speaking with companies and really set us apart in a special way. Thank you so much. Then after SelectUSA, we were on to ICSC. And so at ICSC, we had the privilege to attend with council member Condor. These were just a few of the meetings that we had had.

I'll go back to my metrics slide really quick. So at ICSC, we had 27 touch points and 13 meetings. This was faster, about two and a half days or so, and we had forty hours spent pitching Riverside at ICSC. And so with that, these were some of the key leads that we had generated at ICSC and are working on building those relationships. Really focused on retail opportunities, eatertainment is a big area of focus for us right now.

We also met with several tenant who represent several companies under their umbrella of ownership, and also property managers, property owners in Riverside, so that we can strengthen and really cultivate those relationships. And I would like to just close by saying that's not all that we're doing when it comes to business attraction. May is a very busy month for us, and we're already planning ahead for next year. However, the work doesn't stop with these summits. The team and I are doing business attraction every day to try and, bring great opportunities to Riverside and really continue to diversify the mix of amazing businesses that we have in our community.

So thank you so much for the time and sharing an update. Wanted to close the loop on those great opportunities that we had had this summer.

Thank you, Miranda. And we'll go ahead and open up to my colleague here.

Well, I'm glad that council member Robillard and the mayor went then, if you're walking 18 miles a day, that's too much for me. That's, wow. Good work? Yeah. I'll just add, and this is great.

It's exciting because, yeah. Once once folks know, and as they should, that Riverside is the place to be, we'll we'll we'll just keep making strides and improvements. Omeo, I was just in DC, got back yesterday, last night, and, was speaking with the deputy of the transportation agency, and is excited to hear more about OMEO. So, it's just those small, I shouldn't say small, those great talking points that we know we can be proud of here in Riverside that make ripple effects around. So, great work. Work. Thanks for the update.

I see Rafael has something to share.

I this is a little bit of ad lib here, but perhaps, Miranda or councilor Robolar would like to elaborate on what event took place today. I think it fits in very well with, Miranda's update. It aligns nicely.

Yeah. Yeah. So, yeah, a few things to share about SelectUSA. This, you know, was, I think, the city's first time attending SelectUSA in a formal way. And it was really apparent how much the need was to have our own voice and presence at Select USA.

Their states are there. Ohio, Texas, all these big delegations from these countries, they they go big, and California just really does it. And, it was very frustrating and disappointing to see and, really emphasized the point of the city needs to do its own advocate, advocating because no one's gonna do it for us. And, also, another key key point was, you you saw how many people we talked to. Almost everyone said that they were told not to come to California.

It is too expensive, too regulatory to come to California and do business. Do not come to California. Avoid it at all costs. And so they were really, really surprised to hear about Riverside and us sharing what makes competitive across the state, but also across the nation. And me and the mayor and the team, we really kinda keyed in on some key talking points on what makes Riverside different.

What some of those was the fact that we are a very, very affordable place to do business, but we also are within the ecosystem of California with UCR, with the county, with all the different factors you need to be successful as a company. Because when you come to The United States, the first time, especially the small to mid sized company, you can't just land in the middle of Texas and expect it to all of sudden just be taken off and doing great. There's so much that you need to have support wise, and Riverside has those things in place to be really supportive. And as a result of SelectUSA and UCR was kinda already working on this, they hosted today LA Consular Corps. They invited about 20 different countries to come speak at or to come listen at UCR.

And me and the mayor and some of our team were there to speak on what makes Riverside unique. And we already got invited to go to Poland and among other places, and so many of these representatives of these countries, you know, we had consular generals from Thailand, from Kenya, from Poland, Switzerland, Germany, all these places. And they're like, we've never been to Riverside. We don't even know we had all this going on here. And so it really is shocking to a lot of these countries where they're seeing Riverside for their first time of, like, how much we have to offer.

And our story just wasn't out there. And so, going out to these kind of events is so key for us. I actually went to Taiwan recently, remet with miss, how do I pronounce her name? I remet with her in Taiwan and we had a great visit with her. Met another UCR alumni when I was there with think group.

And the reach of Riverside and through UCR as well is really getting international. And I think telling the story of what we have going on here is really striking a chord with a lot of these companies, and I think we'll see a lot of success in the future as we do foreign direct investment, and we're really cooking up some things. And I I'm really excited about where this goes. Thank you for the update, Miranda. We'll go ahead and move on our agenda here to item number four, update on grant submission for Thrive Catalyst Funding for creation of a Green Tech revolving loan fund.

Thank you so much. I'm excited to kick off this item and share an update with the committee on a recent opportunity myself and team have undertaken as a way to diversify access to capital. So also to piggyback conversation, what we're hearing even as of this afternoon at the event is access to capital. It's often one of the most, if not the most important needs for businesses. However, we are seeing those opportunities become fewer and fewer, especially for international businesses.

So when we're working on continuing to build not only our FDI platform and everything we're doing there, but particularly in the green tech space, where we really are excelling, of course, we're focused on the other four areas of excellence we have as well. But particularly in green tech, we wanted to, where there aren't opportunities, create one of our own. And so myself and team dreamed up in partnership with UCR the concept of a revolving loan fund, specifically for green tech businesses. So this is a new opportunity that we put out there and we drafted as a way for us to not only invest and attract new companies, because we and create strategies that help us to incentivize the types of businesses and uses that we want to see here in Riverside, and to really differentiate ourself when it comes to providing unique opportunity, access to capital, and incentives. So right now through the state, it's the first time in the state's history under governor Newsom that the state has 13 different regions across California.

And there's an initiative called the California Jobs First Initiative. Each of those 13 regions then adopts their own economic blueprint, and we are included as Riverside County and San Bernardino County as the Inland Southern California region, and certain amount of funding is allocated to our region in terms of grants. So this is for the Thrive Catalyst Grant Fund. And as I mentioned, this is a joint effort with UCR that we dreamed up to create a new opportunity for us to fund and incentivize green businesses. I'd

like

to thank my team who worked on this, Desi Masay, Carlos Aguilera, and John Ahumada, our senior project manager who helps lead GreenTech. And so I'd like to now turn it over to John, who's going to walk through some of the elements of the grant program and the details of it with you.

Good afternoon everyone. My name is John Ahumada and I am a senior economic development project manager with the City of Riverside Economic Development Division and my focus is everything clean and green. So I am pleased to share with you today a grant update in regard to our submittal in June of the Thrive So Cal Catalyst Fund. So over the last year, we have identified the most critical pain point being the access to capital. So there are two different items that we're seeing right now.

So one, while the city of Riverside, in collaboration with the University of California, Riverside, has been very successful in creating new startups, these startups, in their next round of funding, are often having to go to destinations such as San Diego or Los Angeles to access the next level of capital. What we've also been seeing since January 2025 is a significant shift in federal priorities, which has resulted in a reduction of green tech related grants from agencies such as the EPA and the EDA. From January, over $20,000,000,000 has either been canceled or frozen in grant funding, which has severely limited the access of funds that green tech companies can access. Here in the City of Riverside ED division, we create our own destiny and our own opportunities. With that being said, that we submitted a application to the Thrive SoCal Catalyst Fund.

So this grant opportunity targets three sectors, cybersecurity, advanced manufacturing, and clean technology. In the grant, there are three funding lanes. Lane A is an exploratory grant, early stage twenty five thousand. Lane B is a planning grant up to 250,000 and lane C is that final funding which goes up to 1,000,000. We apply to the $250,000 So this money will be used to create a revolving green loan fund.

I'd like to highlight this money is not the end goal, it is just the start. So we are actively seeking various opportunities to stack funds to create an even bigger pot of money to use to attract green tech companies to Riverside, as well as help the existing green tech companies expand. Companies will be able to use funds from $25,000 to $100,000 to hire new talent, to purchase equipment, and make innovations in the green tech space. What's really great about this fund is that it's a self sustaining fund. As companies start paying this money back, the fund will continue to grow and we can continue to attract, invest, and grow our global green tech hub.

So we just submitted for this application in June and we look forward to hearing back from the Thrive So Cal committee in the upcoming months. The next stage will be presenting the program to the city council and then partnering with the local CDFI to administer the funds with hopefully a 2026 program launch. What was also exciting about this great opportunity is that not only us, the ED division applied, but we also support some of the local startups that we're working with apply to this capital as well, including Glide, Rare Flora, and KIGT. So this is the update on the Thrive SoCal Catalyst Fund. Thank you very much.

Thank you. Go ahead and open it up to Steve here.

Don't, it's great. I mean, I don't know. It's pretty awesome. So, we'll wait to see if we get the money and then once we get it, there will probably be terms and conditions of how we distribute it out and the limits based on what we've identified in the criteria and that's that.

Absolutely. I think it's

great.

And it it will specifically fund we'll have requirements you must be a city of Riverside business. We'll have other requirements built out and have the framework drafted. And we're waiting. We'll hopefully hear back next month. However, if we aren't successful, we will continue seeking additional sources of seed funding as well as philanthropic funding as well.

And and and I didn't know I couldn't see it in there. Is it no interest, low interest? I mean did I miss it? Oh, there there. Low interest. Got you. I it was moving too quick. I was looking at the fun little map on the side, and so, that's great. So low interest, and it'll help folks expand. No. I think that's excellent. When will we know? We don't know for sure.

I believe mid August.

Mid August. Alright. You probably said that too.

I just We will

many things going through my mind at the time. Alright.

Good to updated.

Yeah. Thank you. Love it.

Thank you for that. And as we're looking to grow this fund, I I guess there's a reason why we only apply for $2.50 or there's a reason why we didn't apply for the 1,000,000 because we're not looking for final stage companies to support, we're looking for the middle stage companies, right?

That's right. Yes.

And then for to continue to grow this fund, are we looking for private business to invest? Or what are we looking to sources for growing this fund?

We would propose to counsel seed funding either from economic development or the general fund. Also, UCR would contribute private business as well so that they're contributing to reinvest in local Riverside businesses and also philanthropic funds as well.

Okay. And I know we've been working with plug and play and potentially having them come on board as well in some kind of partnership. And so, like, as was said that this is a huge need that we need capital in our region. And, I talked to StarNav last week, and they were told to go to Irvine, and they it takes a lot for them to just keep on saying no to their investors. Investors.

And there's no real reason for that other than their investors don't wanna drive to Riverside. But having our own access to capital is very vital as we continue to grow this, sector and economic development and also the the these new startups, which is the future of our economy. That's how you get companies like Born's, here in the city of your recycling. Usually, you're founded in a city, you stay in the city, you invest back in that city. It's a huge thing to a huge value looking down the road.

So we all know how revolving loan funds have gone in the past with the city council, so we'll see if this is contentious or not. But I'm really glad to see that the seed this money is get cut starting from the state level and hopefully get that that grant. Alright. Thank you for that update. We'll go ahead and move to item number five. Recognition of California Association Economic Development Awards of Merit, recognizing the city of Riverside for economic development excellence. And, Miranda again.

It's a fun day, isn't it? Always great when we can share amazing news. The team and I have been working very hard telling Riverside's story, making sure we are on the map front and center. And a big part of that is through engaging and making sure we are leading when it comes to our statewide association. So another event in May, our our trifecta of May, so I love that we got to start with that and finish with that.

SelectUSA, ICSC, and also in May was the annual statewide chapter for the California Association of Local Economic Development. And at that conference, the city of Riverside was honored with two awards. And so today, it's my pleasure to present that to the committee. We have one, we were awarded for the Riverside Founders Hike. And this was a new initiative that we launched in January as really an opportunity to continue to build out a supportive ecosystem.

So when we think about improving opportunities for access to capital, networking, other opportunities for businesses to feel supported and have access to not only the city, the small business development center, the chamber of commerce, to really have businesses feel integrated with the community and directly connected with resources. And it's connected with our Blue Zone effort. So we're very proud to have launched a new program and received an award. And the second award we were honored for was for the Summit of Excellence. And so thank you to all of you for your participation in that. And I will close by saying more to come.

Miranda, do you have any other items to share? I had one item, so I

I do not. I would love to take a picture, if we may.

Yeah. I did want to share one other update, and this aligns nicely with what, Miranda and John shared, with respect to the Green Tech Revolving Fund. The city of Riverside was a recipient of a $250,000 grant, to develop clean clean energy implementation pathways from ICLI, municipal investment fund. This is phase one. There are three phases.

We were the only agency in California to win the award, so we're very excited about that. There was one award recipient in each state, so we're in a select group. And just really quickly, we are partnering with Grid Alternatives. That's the nation's largest solar nonprofit. We're also partnering with US Green Building Council of California.

And there are four pathways that, the Office of Sustainability, Economic Development, team will work in collaboration with these two nonprofits. Pipeline origination and stakeholder engagement, a coalition building to accelerate project development, leveraging the energy resilience fund and financial planning, and lastly, workforce training economic development. The first phase, February award, it has a very tight time frame, so we're going directly to council. That's why I'm sort of walking this on. So you will see that in an upcoming council agenda to receive that award and put that into play in partnership with our partners in the ecosystem here.

And we are now eligible for a $1,000,000 to $5,000,000 seed fund to implement projects, which I could see aligning nicely with the future thrive award. Right? Fingers crossed. Fantastic. So, I just wanna share those areas that are aligning. This is a great place to invest, and Riverside is activating all levers. Thank you.

Thank you. You have anything to share?

It's awesome. Thanks. It's great.

Yeah. No. This this is all great news, and I I talked to three or four people today at the the conference, and they all said it really seems like it's humming along in Riverside right now. There's a lot of energy here and a lot of things happening that are all kind of coming together, and it's a really, really exciting time to be in Riverside. So, thank you for that and I do believe that the economic development team really deserve those awards and I'm sure we'll earn a lot more. Alright. And with that, we're gonna go ahead and move on to the last item. Items for future economic development.

Nothing for me except I think there's a picture that's one in here but that's after.

Yes, we'll do the picture afterwards. I do have one thing and it's just I'd like to request, we have the five areas of excellence that we are focusing on. And if the economic development team would like to choose a company or a win or a success story from one of those items per meeting, we don't need five per meeting, just one that you're proud of and excited to share us about and just show that we are pursuing those areas, and we're having success in those areas of excellence. And with that, I'll go ahead and close in honor of our deputy director of economic development, Chris Christopoulos, who's gonna be leaving the city and going a much earned sabbatical, and we wish him all the luck. Alright.

And that closes. Thank you.

Okay.