Related Plans & Programs
This element provides the overall framework for decision making that affects economic development in the city. More detailed plans set forth specific strategies for economic development, and establish regulations and standards for focus areas. As discussed in the Land Use Element, specific plans and redevelopment area plans are regulatory documents which work in concert with the General Plan to accomplish the city's goals and policies. Virtually all nonresidential properties in the city lie within a redevelopment project area. Plans and programs specifically focused on economic development are as follows.
Economic Development Strategy Plan
The Economic Development Strategy Plan presents a set of strategies and actions to maintain the economic health of Monterey Park.The core themes provide the basis for taking advantage of economic opportunities and pursuing associated strategies. The strategies and actions set forth in the plan can be grouped according to two major themes:
- Capitalizing on Monterey Park's location and international culture
- Maintaining and promoting Monterey Park's amenable family environment that provides activities and cultural opportunities.
To ensure pursuit of economic goals and strategies, the city has established the Economic Development Advisory Committee (EDAC). The EDAC is responsible for monitoring the Economic Strategy Plan implementation, periodically updating the plan, and serving as a point of contact and resource in the city's economic development efforts.
Commercial Rehabilitation Program
Administered by the city's Economic Development Agency, the commercial rehabilitation program is designed to stimulate investment in business districts, resulting in attractive commercial areas. The program allows business owners to make needed improvements and updates at very low costs. The Agency pays up to 75 percent of the total facade/exterior rehabilitation project; the applicant pays the balance. Commercial rehabilitation projects are expedited through the design approval process. Twenty percent of the grant may be applied toward architectural fees.
Business Outreach and Support Services
The city's Business Outreach Support and Services Center (BOSS) serves existing and prospective Monterey Park businesses. The BOSS center facilitates access to capital and other business resources for expansion, property improvement, relocation, and property acquisition.
Targeted Marketing Plan
In 1997, the city launched a targeted marketing plan. It includes telemarketing and direct mail pieces targeted to business to business sales in medical equipment, printing, food manufacturing, and office machinery, as well as international trade.
Chamber of Commerce
The Monterey Park Chamber of Commerce takes an active role in the promotion of international trade opportunities in the city. The Chamber has compiled and published a directory of companies involved in international trade, co-sponsored an international trade symposium, and participated in international trade promotion events.