the inland gateway association of realtors - april 8th, 2010

THE INLAND GATEWAY ASSOCIATION OF REALTORS

City of Corona UpdateApril 8th, 2010

KEY INDICATORS FOR ECONOMIC DEVELOPMENT

• Industrial Vacancy

• Retail Vacancy

•Office Vacancy

• Residential Inventory/Sales

• Redevelopment Activities

INDUSTRIAL MANUFACTURING GROWTH

Waggin’ Train Pet food manufacturer and distributorFirst West Coast presence•230,000+ sf•100+ employees

Dunkel Motorsports Aftermarket vehicle manufacturer and reality TV show host•Expanded into 45,000+ sf•35+ employees

SMS Supercars Manufacturer and R&D facility for legendary Saleen technology•Relocated from Irvine•40+ employees

ZumiezMall-based, specialty apparel store which currently caters to teens and young adults•168,450+ sf•180-200 employees

RETAIL IN CORONA REMAINS STRONG!

• Less than 8% retail vacancy rate• Median Household Income $84,168• Retailers still seeking Corona

New Retail:Burlington Coat Factory - Open at North MainDress Barn - Spring at The CrossingsTopsy Turvy Frozen Yogurt - April at The CrossingsBeverly Hills Bridal Exchange - Now Open at Dos Lagos

New Restaurants:Mantra Indian Cuisine - Now Open at North MainAustin’s Sports Grill - Now Open at Corona PointeSugar Tart Desserterie - Now Open at Dos LagosBuffalo Wild Wings - Coming Soon at The Crossings

NEW OFFICE TENANTSITT Tech- ITT Educational Services, Inc. is a leading private college system focused on technology-oriented programs of study. •19,000+ square feet•75 employees

Anchor Blue- A clothing retailer which has over 112 stores in the Western United States relocated their Corporate HQ•38,000 square feet•125+ employees

University of Phoenix- Institution of higher learning with the largest student population in Northern America.• Expanded into 4,000 square feet• 35 employees

HOME INVENTORY TRENDS

Home Inventory TrendJuly 2007-December 2009

0

500

1,000

1,500

2,000

2,500

3,000

Jul. 2007 Feb. 2008 Sept. 2008 Apr. 2009 Nov. 2009 Dec. 2009

2,407

1,989 1,931

907

600 621

City of Corona Inventory TrendingU

nits

Time Period

AVERAGE MONTHLY HOME SALES BY YEAR

Homes on Market as of December 31, 2009 = 628

Based on Sales Velocity: 53 Days of Inventory

0

80

160

240

320

400

Average homes by M

onth

121

326357

20072008

2009

Home Owners Assistance Programs (HOAP Now)HOAP Now I

To date has provided over $1 million in assistanceNow Seeking New Applicants!*$75,000 maximum assistance

HOAP Now II

To date has provided over $400,000 in assistance Now Seeking New Applicants!

*$100,000 maximum assistance

HOUSING PROGRAMSwww.CoronaHOAPNow.com

HOME ASSISTANCE PROGRAM

•Offers technical and financial assistance to qualified homeowners to complete eligible improvements such as necessary repairs to correct health and safety deficiencies and code violations.

• Two forms of assistance available: loans up to $40,000 and grants up to $5,000.

• Contact Annette Cano - Corona Redevelopment Agency 951.739.4945

Home Improvement Program (HIP)

BUSINESS ASSISTANCE PROGRAM

• Financial assistance to revitalize the exterior appearance of existing buildings: 75% of the documented costs up to pre-determined maximums.

• The goal of this program is to promote business pride and ownership by creating a positive commercial/retail environment and enhancing economic growth in the area.

• Program Area: 6th St./Main St.

Façade Improvement Program

BUSINESS ASSISTANCE PROGRAM

• Financial assistance to remove/replace outdated signs: Up to 100% of the documented cost to remove outdated signage, 100% of the documented cost for sign design, and 50% of the documented cost for sign replacement up to pre-determined maximums.

• The goal of this program is to promote business pride and ownership by creating a positive commercial/retail environment and enhancing economic growth in the area.

• Program Area: 6th St./Main St.

Sign Improvement Program

NEIGHBORHOOD STABILIZATION PROGRAM

Affordable Homes for Sale in Corona

• 5 properties currently under renovation & available for sale.

• Priced from the low 100’s to mid 200’s

Mary Erickson Community Housing

Contact: (951) 340-3081 or Araceli@MaryErikson.org

REDEVELOPMENT TRENDS• Downtown

• Entered into exclusive right to negotiate with a medical development company

• North Main

• Watermarke Development underway on mixed-use project: 830 condos, commercial, office, restaurants…• Grading starts April 2010

ULI Marketplace Study- $12,500+Caltrans Grant- $200,000

Compass Blueprint- $60,000

Agency Grants/TAP Awards (Downtown)

TOOLS TO FOSTER BUSINESS!!

FilmCorona.com

TeamCorona.com

InnerCircleCorona.com

ShopCorona.comDiscoverCorona.com