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New SBA 504 SOP Means Less Risk for Tax Payers and Less Regulation for Small Business Owners

New SBA 504 SOP Means Less Risk for Tax Payers and Less Regulation for Small Business Owners

SBA SOP 50(10) J, the new Small Business Administration regulations for the SBA 504 Fixed Asset Finance and Refinance program was released on Friday, October 16th.  The new regulations will reduce some regulatory burdens for borrowers and will reduce some risk to tax payers.  Highlights of the changes are provided below:

  • Special Purpose Properties. Business owners buying gas stations, car washes, hotels, assisted living facilities, and hospitals will continue to require a low down payment of a minimum of 15% down payment for  their first project financed with the SBA 504 loan program (with an additional 5% if the project is new).  Subsequent special purpose projects will require a 20% down payment.Overall, the SBA reduced the number of industries considered “special purpose” because of new development standards that may not deem a project a special or single purpose use.
    Properties financed with the SBA 504 loan that are not special purpose require a down payment as little as 10% for the business owner.
  • Franchise Update. The SBA has created a Franchise Directory, which includes all franchise and other brands reviewed by the SBA that are eligible for SBA financial assistance. The brands on the SBA website at www.sba.gov/for-lenders   registry will document all eligible franchises.  If the franchise is listed on the website, no other review of the franchise agreement or eligibility of the franchise will be required, thus eliminating inconsistent decisions and backlogs.  If the franchise is NOT on the registration, then the CDC must submit the franchise for a pre-application review.
  • Energy Public Policy Update. Energy Public Policy Projects that allow a borrower to obtain multiple SBA 504 Loans when the fixed asset project reduces energy by 10% or creates renewable energy, has now limited these projects to no more than $16.5 Million in the aggregate per borrower.
  • Refinance. Businesses seeking to refinance commercial real estate can continue to take advantage of pulling cash out for business expenses; however, the cap on cash out will be 20% as of January 2018 vs. today’s 25%.

For confirmation and additional details, please contact the local SBA Office at 760.408.0049 / natalie.orta@sba.gov / https://www.sba.gov/

Community Update – July 13, 2017

CHAMBER OF COMMERCE RECOGNIZES ITS BEST & BRIGHTEST STARS
Community Update – July 13, 2017
A Message from Curt Watts, Economic Development Director

The City of Cathedral City works closely with the local Chamber of Commerce to promote and encourage continued success among members of the Cathedral City business and civic service community.  It’s especially fitting, therefore, that each year the City’s best & brightest “stars”, and those who support their continued success, are recognized at the Chamber’s annual Orion Awards.  This year’s event was held on Friday, June 23rd at the beautiful DoubleTree by Hilton Resort Hotel at Vista Chino & Landau.  The overall Presenting Sponsor of the event was Jessup Auto Plaza.

The festive evening event began with a cocktail reception and silent auction bidding by attendees on amazing offerings donated by area businesses and organizations.  The signature presentation of the Orion Awards, which recognize outstanding performance and accomplishments in nine different categories, was masterfully led by Emcee Wesley Eure whose career credits include being an actor, singer, author, producer, director, charity fundraiser and lecturer

CONGRATULATIONS to this year’s Orion Award winners and nominees in each category:

VOLUNTEER OF THE YEAR – JULIE FRAZIER
Award Sponsor: New Leaf CateringOther Nominees: Debbie Craig, Gillian Cross and Loretta Nelson

CITY OFFICIAL/STAFF MEMBER OF THE YEAR – CHRIS PARMAN
Award Sponsor:  Southern California EdisonOther Nominees: Rhonda Guillaume, Leisa Lukes, Charlie McClendon, Pat Milos and Judy Williams

RESTAURANT OF THE YEAR – WINE and DINE at SAMMY’S PLACE
Award Sponsor: Winslow Drake Investment ManagementOther Nominees: AJ’s on the Green, El Portal, Frankie’s Italian Bakery, Tony’s Burgers and Zobo & Meester’s

NON-PROFIT OF THE YEAR – BOYS AND GIRLS CLUB OF CATHEDRAL CITY
Award Sponsor: Agua Caliente Band of Cahuilla IndiansOther Nominees: Cathedral City Historical Society, Cathedral City Rotary Clubs, Desert AIDS Project and Guide Dogs of the Desert

INNOVATOR OF THE YEAR – LA MICHOACANA ICE CREAM PARLOR
Award Sponsor: The David Rohr Floral StudioOther Nominees: Agua Caliente Band of Cahuilla Indians, Atomic Budz, CV Repertory Theater, RELEAF Cathedral City and Winslow Drake

WOMAN OF THE YEAR – LESA BODNAR
Award Sponsor: Palm Springs MotorsOther Nominees: Susana Avalos, Julie Frazier, Loretta Nelson and Kara Robinson

MAN OF THE YEAR – TODD HOOKS
Award Sponsor: Jessup Auto PlazaOther Nominees: David Bermudez, Cary Boisvert, Rocky DiLucchio, Thomas Hengy and Terry Nelson

SMALL BUSINESS OF THE YEAR – THE DAVID ROHR FLORAL STUDIO
Award Sponsor: The Desert SunOther Nominees: Body Concierge, Cathedral City Revivals, NAI Consulting, Team Art, Terry & Kara, Winslow Drake

LARGE BUSINESS OF THE YEAR – DOUBLETREE BY HILTON HOTEL GOLF RESORT
Award Sponsor: Boys & Girls Club of Cathedral CityOther Nominees: Davies Auto Care, Frazier Pest Control, La Michoacana Ice Cream Parlor, Quick Quack Car Wash and Rocky’s Pawn Shop

SPECIAL THANKS to the many volunteers involved in making this event a stellar success!

keepitlocal

SHOP & DINE IN CATHEDRAL CITY

keepitlocalCommunity Update by Curt Watts
Economic Development Director

It makes a lot of “cents” for Cathedral City residents and visitors to actively support businesses located within our city.  As the summer approaches and fewer visitors to the Coachella Valley are in town, your collective support of our local businesses is especially important.

By shopping locally, you not only save time and gasoline, but also benefit from the more than $8 million in annual sales tax revenue received by the City.  These sales tax dollars represent a significant portion of the City’s General Fund revenue and help fund local needs such as police and fire protection services.  In addition, healthy local businesses provide job opportunities for our residents to truly experience the goal to live, work and play in one place!

Cathedral City is very fortunate to have a wide variety of small and large businesses offering everything from major purchases to the essentials of everyday life, and from specialty purchases for yourself to gifts for those near and dear to you.  Explore the many local options for furniture, consignment & resale “finds” or even a new car from the many quality establishments along Highway 111.

Expand your weekly shopping route while shopping for the “necessities of life” by taking a special detour into one of our many shopping centers and stand-alone businesses along other various commercial corridors.  It’s hard to imagine that with a little creative exploration you won’t find almost everything you truly need (or decide you just can’t do without!) by shopping close to home in Cathedral City.

And when it comes to eating establishments, there’s something to meet everyone’s personal taste whether it be for that “quick bite on the go” or a relaxing lunch or dinner with friends, family or work buddies.  You may even want to consider some of the special offerings provided by our local hotels when you have out-of-town guests visiting and are short on space to accommodate them comfortably at home.

Speaking of our hotel offerings, special congratulations to Yessica Puga and Juan Carlos Vera who were recently honored at the 2017 Oasis Awards Ceremony (hosted by the Greater Palm Springs Convention & Visitors Bureau) for their outstanding customer service provided at the DoubleTree  bv Hilton Golf Resort in Cathedral City.

When you shop, dine and have friends and family stay locally, more of these dollars recirculate within the community through taxes, employment and philanthropic support for local groups.  As the second largest city in the Coachella Valley, if all 54,000+ Cathedral City residents just spent 10% of whatever they currently purchase online or outside of Cathedral City – at locations within our City – the impact would be significant in providing extra tax dollars for local services to our citizens.

Agua Caliente Tribe Invests in Cathedral City

Tribal development to boost downtown revitalization; Tribe to cover costs to relocate, rebuild fire station

CATHEDRAL CITY, CA – The Agua Caliente Band of Cahuilla Indians announced today it is acquiring 12.5 acres for a development project in the heart of downtown Cathedral City, and it will contribute funds to relocate a fire station currently at the site.

“This is about making a large-scale investment in Cathedral City,” Chairman Jeff L. Grubbe said. “The future development will create jobs, revitalize an undeveloped downtown property and support Cathedral City’s economic development efforts. In addition, we have the honor of working with Cathedral City to relocate and build a new fire station that will allow fire fighters to serve city residents from a brand new state-of-the-art facility and a more desirable location.”

The Tribe will contribute $5.5 million to the City Urban Revitalization Corporation for the purpose of relocating and constructing the new fire station. In consideration of the contribution and the benefits associated with the development — which will create jobs and help revitalize downtown – the City Urban Revitalization Corporation will transfer the property to the Tribe.

In total, the Tribe’s development area includes about 13 acres at the northwest corner of Date Palm Drive and East Palm Canyon Drive in Cathedral City. The Tribe plans to create a master plan for a new mixed-use entertainment and gaming district, which is allowable and contemplated by the Tribe’s recent gaming compact signed by Governor Jerry Brown that took effect on Oct. 31, 2016.

“Cathedral City and the Agua Caliente Band of Cahuilla Indians have been partners over the years on major infrastructure improvement projects for Ramon Road and Vista Chino Drive as well as partners in purchasing lifesaving equipment for our fire and police departments,” Cathedral City Mayor Stan Henry said. “Now, we come together once more to enhance our public safety capabilities with the construction of a new south city fire station as well as building a major mixed-use commercial and gaming development that will serve as a vital anchor in moving our downtown into an entertainment district destined for residents and visitors alike.”

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