BILL ANALYSIS Ó
AB 1533
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Date of Hearing: May 27, 2015
ASSEMBLY COMMITTEE ON APPROPRIATIONS
Jimmy Gomez, Chair
AB
1533 (Committee on Jobs, Economic Development, and the Economy)
- As Amended May 15, 2015
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|Policy |Jobs, Economic Development, |Vote:|8 - 0 |
|Committee: |and the Economy | | |
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Urgency: No State Mandated Local Program: NoReimbursable: No
SUMMARY:
This bill revises the definition of "economic development
facilities" to include facilities that are used to provide goods
movement and "port facilities" to specifically reference
AB 1533
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airports, landports, waterports, and railports, for purposes of
the California Infrastructure and Economic Development Bank
(I-Bank) Act. This bill also transfers authority over the
federal Economic Development Adjustment Assistance (EDAA) Grant
and the Sudden and Severe Economic Dislocation Grant from the
Governor's Office of Business and Economic Development (GO-Biz)
to the I-Bank.
FISCAL EFFECT:
Administrative costs to the I-Bank, not likely to exceed
$150,000, to administer grant funds as specified.
COMMENTS:
Purpose. Over a decade ago, California received $2 million from
the federal Economic Development Agency through the EDAA Grant,
which funds economically-distressed communities, and the Sudden
and Severe Economic Dislocation Grant Program, which provides
capital to businesses in economically-distressed areas.
The EDAA was administered by the Business, Transportation and
Housing (BTH) agency through 2013. When the BTH was eliminated
in 2013, pursuant to the Governor's reorganization plan, the
California Small Business Expansion Fund (including the EDAA
grant) and the program authority to oversee the EDAA grant, were
transferred to GO-Biz. Other 2013 legislation, chaptered after
the reorganization bill, transferred the California Small
Business Expansion Fund to the I-Bank.
According to the author, this bill proposes a more streamlined
organization structure for the federal funds by authorizing the
I-Bank to oversee both the money and program implementation
responsibility.
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This bill also reorganizes the placement of certain definitions,
clarifies some definitions, and updates cross references within
the I-Bank's definition code sections.
Analysis Prepared by:Misty Feusahrens / APPR. / (916) 319-2081