Economic Empowerment Zones

By Milton Herring

In collaboration with the Office of Economic Development, I propose these areas be designated as Economic Empowerment Zones(EEZ's). These EEZ's will provide for Torrance's economic growth and development to respond to the challenging global and domestic economic opportunities as well as focus on the demands of new sources of competitiveness in the 21st Century.

The Office of Economic Development may have designated some areas as being depressed throughout the City of Torrance. In collaboration with the Office of Economic Development, I propose these areas be designated as Economic Empowerment Zones(EEZ's). These EEZ's will provide for Torrance's economic growth and development to respond to the challenging global and domestic economic opportunities as well as focus on the demands of new sources of competitiveness in the 21st Century.

EEZ's will be designated areas to promote targeted economic activities supported through special arrangements and support systems including incentives, business support services, streamline approval processes and infrastructure.

These Economic Empowerments Zones would serve as Tech centers, a Silicon Valley like enterprise zone to attract and retain our youth by providing incentives for start up businesses. They would also establish working relationship with schools like SoCal Regional Occupational Center and El Camino College.

These EEZ's would be a collaboration of the City, Torrance Chamber of Commerce and local business leaders. They could be zoned for mixed-use, allowing for lofts or condos on the second level and office spaces on the ground level. Investors could become stakeholders and would receive revenues when the EEZ's start to make profit.

These EEZ's could also serve as business incubators, a place for ongoing training, networking and support. Both staff and office space could be shared. Successful business leaders could serve as mentors. A Grant/endowments taskforce team could be assembled to seek funds for support as well as for product development.