Task force seeks assistance to rebuild South Bay's job market.A volunteer task force of South Bay business executives, professionals and technologists approached officials of Rosemead-based SCEcorp last week to seek seed money for a local job creation project. The area involved, as outlined by the South Bay Jobs Task Force, includes Torrance, Gardena, Lomita, Redondo Beach Redondo Beach (rĭdŏn`dō), city (1990 pop. 60,167), Los Angeles co., S Calif., on the Pacific Ocean; inc. 1892. Once a commercial port for Los Angeles, it is a residential and resort city with a protected harbor and an excellent marina. , Hermosa Beach Hermosa Beach (hûrmō`sə), city (1990 pop. 18,219), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1907. It is a residential suburb and a popular resort noted for its fine, sandy beaches and excellent surf. , Manhattan Beach Manhattan Beach, city (1990 pop. 32,063), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1912. It is a residential and beach community with an oil refinery and nearby factories that produce transportation and electrical equipment, computers, and pottery. , El Segundo El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Hawthorne, Compton, Inglewood, Carson, Westchester, Wilmington, San Pedro and the Palos Verdes Palos Verdes is often used to refer to a group of coastal cities on the Palos Verdes Peninsula in the Los Angeles/South Bay area of California. This affluent bedroom community is known for its dramatic views, good schools [1] extensive horse trails [2] peninsula. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. task force statistics, this area has recently lost more than 63,000 jobs and stands to lose another 60,000 over the next several years unless steps are taken quickly to create offsetting jobs. The task force wants to reverse this trend by creating a "science park," a small business investment company, technology transfer programs and a small business development center. According to the plan, South Bay Science Park Inc. would be set up as a non-profit California corporation and located on real estate donated or bought below market price to provide cheaper rents for entrepreneurs. The site would serve as a shared facility for early stage technology-based companies, particularly ones in the telecommunications and software industries. South Bay Science Park, according to the proposal, would develop a network of talent specializing in helping emerging growth companies in product development, marketing, production and other services. It would also develop technology transfer programs, act as a "technology broker" and initiate and negotiate joint ventures, licensing agreements, and research and development projects. A separate entity licensed by the Small Business Administration called the South Bay Investment Co. would be created to provide equity capital and long-term subordinated loans In the field of finance, a subordinated loan is a type of loan which ranks after other debts should a company fall into receivership or be closed. It is also known as subordinated debt, or as junior debt. to small businesses. The task force intends to ask SCEcorp, parent of electric utility Southern California Edison Southern California Edison (or SCE Corp), the largest subsidiary of Edison International (NYSE: EIX), is the primary electricity supply company for much of Southern California. It provides 11 million people with electricity. , and other utilities to jointly provide a $300,000 grant to fund the project's start-up costs, namely those covering incorporation, land acquisition and the future solicitation of private capital. Other prospective benefactors include Los Angeles-based Pacific Enterprises, parent of the Gas Co., and Long Beach based-Dominguez Water Corp. "I was very impressed. I think they did their homework," said Barry Sedlic, manager of SCEcorp's business retention program which aims to attract prospects to the area and retain local businesses. "Clearly," he said, "there is a high level of involvement of experienced people in this effort and it complements many of the economic development efforts that Edison has led and helped develop in the South Bay over the past two years." According to Sedlic, his company's Team Cities Program has hosted several forums and done research on the region's economic base, attempting to communicate its findings to the business community and local public officials. Financial contributions by SCEcorp are generally limited to non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. , for projects that specifically help to retain and attract businesses to Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Examples include Burbank-based Calstart, the alternative transportation consortium, and the Long Beach Holding Co., a private non-profit group working with the City of Long Beach to help economic development within that city. Sedlic said, "We're going to be working on it (the task force's plan) and making some recommendations fairly soon." |
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