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Around the Enterpise Zones

The Santa Clarita Enterprise Zone has launched a unique marketing tool:

On Monday, January 14, 2008, the City of Santa Clarita unveiled its newest advertising tool for promoting the Enterprise Zone – 100 street pole banners placed throughout the industrial and commercial areas of the City. The banners will provide an awareness of the newly designated Santa Clarita Enterprise Zone while reminding businesses that they can save money just by being located β€œin the Zone.”

The Oroville Mercury Register reports on the formation of a new economic development collaboration including the Enterprise Zone there.

The Los Angeles Times has an extensive story on the City’s plan to remake Broadway in downtown and some of the conflict that this will generate:

City officials today will announce a new campaign to remake downtown Los Angeles’ historic Broadway corridor by redesigning the bustling street, fixing up some of the grand movie palaces and restoring the fading facades of buildings.

The city and private developers have earmarked nearly $40 million to begin the effort this year, hoping to pull the gentrification that has swept much of downtown into the district’s main commercial area. They envision many of the movie facades giving way to a live “theater district” forming on the street, with a trolley car system running down its center.

But the revitalization is already creating something of a culture clash. While the downtown development boom has brought thousands of mostly white-collar professionals into lofts and luxury high-rises, Broadway has for decades been the premier shopping destination for working-class Latinos.

And you can watch online a fascinating segment from 60 Minutes about the sub-prime mortgage crisis. Stockton, the foreclosure capital of the country, is featured:

Stockton is a city of 280,000 people in the Central Valley; 80 miles east of San Francisco and 80 miles north of San Jose. In many ways, this is ground zero for the current financial crisis and a microcosm of everything that went wrong.

A few years ago, it was one of the hottest real estate markets in the country; today it is the foreclosure capital of America.

Real estate agent Kevin Moran represents 102 properties and says all of them are in foreclosure.

Moran gave Kroft a tour of the wreckage in one subdivision called “Weston Ranch,” with block after block of vacant and abandoned houses.

“If you see a ‘for sale’ sign in this neighborhood, that probably is a sign of distress, right?” Kroft asks.

“I would say that, yeah. Two out of three of all the sales are probably foreclosed properties, and/or people who are in distress,” Moran explains.

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