Video Index (with direct links to segment)
00:04 ACRE representatives and panelist Introductions
10:23 Impact of Covid on budgets and considerations moving forward
20:53 How online sales are helping cities
30:03 Easing of restrictions on drive-thru restaurants and other uses
37:43 Outlook for cannabis operations
43:32 Economic development tools and resources
51:05 Advice to developers and retailers on how to best do business in panelist cities
57:39 Highlight of new projects in the pipeline in Menifee, Moreno Valley, Murrieta and Pomona
I recently had the opportunity to moderate ACRE SoCal’s very first virtual meeting in which we discussed the challenges facing Inland Empire cities resulting from the Covid pandemic. I learned a lot about topics such as internet sales tax distribution, budget cuts, how to best work with cities in today’s environment and much more.
Over 200 people joined us for the zoom meeting and the event kicked off with messages from ACRE President Elizabeth Ricci and ACRE VP Chris Gentzkow. Panelists included economic development specialists Mike Lee (Moreno Valley), Scott Agajanian (Murrieta), Gina Gonzalez (Menifee) and Kirk Pelser (Pomona).
Some of the key takeaways from the session included:
- Not surprisingly, cities are seeing a significant decline in revenue from sales tax, hotel transit occupancy taxes and gasoline taxes
- Cities are required to have balanced budgets and the task of budgeting is very challenging with so many unknowns
- Drive-thru restaurants are increasingly important in the Covid era and cities are reviewing how to market to those users, ease restrictions and streamline the process
- Cannabis could be an increased source of revenue but the cities represented aren’t looking to introduce or expand cannabis activities
- Ecommerce is an important source of local sales taxes
- Cities are investing in technology to make the permitting and entitlement process easier
- BOTTOM LINE: Cities are still OPEN for business and new development continues to be encouraged and welcomed
Thanks to the ACRE team and all the panelists for making this webinar possible. I hope you enjoy watching and for your convenience I’ve provided an index by time in case there are just certain segments you’d like to view.
Feel free to reach out to me at email@example.com with any comments or if you’d like to receive more information on the retail leasing and investment sale opportunities in the market.