Panorama  of San Francisco from Russian Hill 1910                                

ECONOMICS COMMITTEE MINUTES

2008    2007   2006   2005   2004   2003   2002  
2001   2000   1999  1998  1997 

The Economics Committee advises SOMPAC members on issues related to the economic revitalization of the Project Area.  In conjunction with Urban Solutions the committee endorsed $750,000 from the Redevelopment Agency, to be used in formulating a 6th Street Economic Development Plan to bring 6 new businesses to Sixth Street within the next year and help 6 existing businesses with improvements and workshops to help maintain their businesses. The concept behind this plan is to help revitalize the Sixth Street corridor into a vibrant neighborhood and provide jobs for local residents. The Economics Committee has endorsed the Redevelopment Agency’s Sidewalk Improvement Program, which will widen the sidewalks and repave the Sixth Street corridor along with planting new trees and placing antique lighting along the street. 

Business Assistance Loans:

Since 1993, the Redevelopment Agency, through a contract with Urban Solutions, has pursued a program of business assistance in the Project and adjacent South of Market area. To date 33 loans have been approved amounting to $3,430,000 utilizing the following programs: Small Business Recovery Fund (SBRF), 11 loans ($248,000); Title IX and Enterprise Zone, 8 loans ($615,000); Small Business Administration (SBA), 18 loans ($2,567,000).

Employment Development:

Since 1990, the South of Market Employment Center (SOMEC), through an Agency contract, has enrolled 6,420 job applicants and 1,945 persons have been placed in jobs. (1,378 in general employment and 567 in construction jobs).