The Stockton City Council recently unanimously approved the 2024 Economic Development Subsidy Annual Report, highlighting more than $6.9 million in subsidies distributed to incentivize development, housing, and business growth throughout the city.
The report, required under California Government Code §53083 (AB 562), details public funds or revenue losses of $100,000 or more granted to businesses and developments to stimulate economic activity.
Programs covered include the Stockton Economic Stimulus Program (SESP), the Public Facilities Fee (PFF) Reduction for Non-residential Projects, the Affordable Housing PFF Exemption Program, and the Office and Industrial Sales Tax Incentive Program…