State officials have OK’d the city of San Diego’s request to extend the city’s enterprise zone to industrial areas north of Interstate 8, Mayor Jerry Sanders’ office announced.
Enterprise zones offer economic incentives to businesses that set up shop within certain neighborhoods. The businesses may be eligible for tax credits, which are applied to wages as well as to certain equipment purchases.
Sanders said the city’s promise to seek an expansion of the enterprise zone convinced four multinational businesses — Alliant Techsystems Inc., Kyocera, Soitec and Shire Regenerative Medicine — to locate, expand or keep manufacturing in San Diego, rather than take their facilities to Utah, Arizona or Massachusetts.
“The total combined investment in the region by these four companies is approximately $312 million,” said a statement from the mayor’s office, adding that 866 jobs had been or will be created.
The enterprise zone now covers certain sections of Kearny Mesa, Mira Mesa, Rancho Bernardo, Grantville and an industrial area east of Morena Boulevard and north of the San Diego River.
The state also approved additions to the enterprise zone in National City and Chula Vista.