Torrance, Calif., December 20, 2023 – The City of Torrance is excited to launch a new program to incentivize businesses that choose to relocate to the City. Lead by the Office of Economic Development, the new Business Attraction Incentive Program provides a measurable and meaningful reward to companies that boost Torrance’s employment base and sales tax revenue.
The new program is available to businesses that meet the following criteria:
- A corporate tenant that brings a minimum of 100 additional professionals and/or skilled labor pool of employees above what previously existed on the site as evidenced using the company’s business license tax application: or
- A corporate tenant that results in a 20% increase for four (4) complete and consecutive quarters in the City’s share of sales generated above the preceding four (4) complete and consecutive quarters for the same specific tenant site.
The business incentive can reach up to a maximum of $100,000 per agreement with a one-time payment of $100 per added employee or one annual payment equal to 2% of the increased City’s share of sales tax revenues from a complete and consecutive four-quarter period.
For more information on this program and to learn more about the Office of Economic Development and why Torrance businesses should choose Torrance connect at www.TorranceCA.Gov/WhyTorrance.
