Released on = August 2, 2006, 12:57 am

Press Release Author = George McQuade

Industry = Small Business

Press Release Summary = Five LA County cities are named finalists for LAEDC "Eddy"
Award recognizing best practices in economic development

Press Release Body = Los Angeles, August 2, 2006. The Los Angeles County Economic
Development Corporation (LAEDC) has announced the finalists for its new award
category "The Most Business-Friendly City," which will be presented at its annual
Eddy Awards honoring economic development leadership. The gala dinner, which is
attended by more than 750 leaders from the business, government, and education
communities, will be held on October 5th, 2006 at the Century Plaza Hotel, and will
also celebrate the 25th anniversary of the LAEDC. The cities of Burbank, El
Segundo, Lancaster, Long Beach and Santa Clarita have been selected from the 88
cities in LA County by a blue-ribbon panel of judges for their commitment to
attracting and retaining businesses which provide quality jobs for their residents.


In the past 25 years, the County of Los Angeles has added more than 2.5 million
residents, but only about half a million jobs. Some cities in the County have
actually lost jobs in that period, while others have added many new jobs. Much of
the reason for that disparity is that many cities are more proactive than others
about attracting and retaining quality jobs that pay good salaries and generate
healthy tax revenues.

"In order to ensure the economic health of our region, we need to be aggressive in
both attracting and retaining businesses and the jobs they bring to our many
communities," ," said Bill Allen, LAEDC president and CEO. "That is why we
initiated this new award. We want to encourage the cities within LA County to
provide the highest level of economic development service for businesses that are
thinking of expanding or relocating to our region. Our cities and communities offer
a diversity of resources and services that are unmatched elsewhere. Los Angeles
County is the Business Capital of America, and we believe this award will showcase
the city that best exemplifies what it means to be business-friendly in our region,"
explained Allen.

The award finalists were selected based on following criteria:
 Demonstrated commitment to economic development as a priority
 Excellence in programs and services designed to facilitate business entry,
expansion and retention
 Economic development activity over past 3 years
 Competitive business tax rates and fee structures
 Availability of economic incentives
 Effective communication with and about business clients

Each of the finalists has created a business-friendly environment that encourages
businesses to locate or expand in their respective communities. Burbank offers
numerous business entry and expansion programs. They also actively market their
city services to key decision makers and major corporations. The city has made a
major commitment to supplying high capacity fiber optics to commercial users and
free "wifi" service in their downtown area. No city income tax, no gross receipts
tax, and competitive utility user taxes are additional benefits of doing business in
Burbank. Their fees are among the lowest in the region and are simple and highly
competitive.

El Segundo boasts a ratio of one business license for every three residents, and
their average time to process a license is less than twenty four hours. They have
more Fortune 500 firms per capita than any other city in Los Angeles County. El
Segundo's proximity to LAX and major freeways, and their policies to recruit and
retain businesses are a significant factor in the economic success of the city. El
Segundo also has some of the lowest utility and transient occupancy tax rates in the
County.
Lancaster combines attractive pricing, strong incentives, a business-friendly
attitude and a fast-track permit process to attract businesses to its city. They
have an aggressive and pro-business City Council who take a practical approach to
business. They also have an eager labor force which contributes to an ideal
environment for businesses to thrive and grow.

Long Beach has demonstrated its commitment to retaining jobs through an efficient
transportation network, enterprise zone benefits (such as hiring, sales and use tax
credits), expedited permit processing, and a transparent government comprised of
civic leaders who understand the necessity of planned growth and take a proactive
approach to the needs of businesses. Their Long Beach Business Development Center
offers grants and loans, permit and site location assistance, and help with employee
recruitment and training.

Among the benefits of doing business in the city of Santa Clarita is that the city
does not have a business license fee, nor does it assess a utility user tax. Santa
Clarita offers its businesses and residents a highly educated workforce, available
land for development, site location assistance, expedited plan reviews and permit
processing, and high quality of life. It is also a thriving center for industry
clusters such as aerospace manufacturing, bio-medical, entertainment and technology.

A more business-friendly climate (as demonstrated by these five cities) will assure
that LA County meets its growing population's need for an array of good jobs that
contribute to the economic well being of the region and provide the personal income
(and municipal tax base) that sustains the quality of life of all its residents.
From this group of five exemplary finalists, the winning city will be announced at
the Eddy Awards on October 5th, 2006.

This year's Eddy Awards also recognizes City National Bank and Toyota for their
leadership in economic development. City National Bank and Toyota were selected
based on their outstanding contributions to the economic prosperity of the region.
For more than 50 years, City National Bank, California's premier private and
business bank, has been helping entrepreneurs and key industries on "the way up" to
greater prosperity and economic growth. Toyota believes that helping people improve
the quality of life in their communities is an essential corporate responsibility.
Education is the focus of Toyota\'s giving, with emphasis on primary and secondary
schooling.
About the Eddy
The Eddy Awards were introduced by the LAEDC in 1996 to celebrate individuals and
organizations that demonstrate exceptional contributions to positive economic
development in the region. This year, we are celebrating the 25th Anniversary of
the LAEDC, as well as initiating a new award category, "Most Business-Friendly
City." For more information about the Eddy Awards, including sponsorship
opportunities, please visit www.laedc.org/eddy.
Past Eddy honorees include:
Richard Ziman, Arden Realty ♦ Janice Bryant Howroyd, Act1 ♦ Liam McGee,
Bank of America ♦ Monica Lozano, La Opinión ♦ George Deukmejian, 35th
Governor of California ♦ Eli Broad, The Broad Foundation ♦ Tim Leiweke,
Anschutz Entertainment Group ♦ Cardinal Roger Mahony, Archdiocese of Los
Angeles ♦ James Thomas, Thomas Properties Group ♦ Michael Antonovich, LA
County Supervisor ♦ David Baltimore, CALTECH ♦ Richard Riordan, Former
LA Mayor ♦ Steven Sample, USC ♦ George Graziadio, Imperial Bank ♦
Beverly O'Neill, Long Beach Mayor ♦ Ed Roski, Majestic Realty Co. ♦ John
Bryson, Edison International & So Cal Edison ♦ R. Thomas Decker, Bank of
America.

About LAEDC
The Los Angeles County Economic Development Corporation (LAEDC), the region's
premier business leadership organization, is a private, non-profit, public benefit
organization established in 1981. Our mission is to attract, retain, and grow
business and jobs in Los Angeles County. Since 1996, the LAEDC has helped retain or
create more than 122,680 jobs, providing $5.6 billion in annual economic impact from
salaries and $109 million in annual tax revenue benefit to Los Angeles County. For
more information, please visit www.laedc.org.

[Editors: For advanced interviews, call: George McQuade at 818-340-5300 or
818-618-9229. For more information about the LAEDC visit: www.laedc.org.]

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