The city is cranking up efforts to lure new businesses to the San Fernando Road creative corridor, offering financial incentives as part of a marketing plan to bring entertainment and design-related firms to old aviation and manufacturing sites.
The City Council on Tuesday approved grants to new businesses and a $260,000-marketing plan to attract firms to join the Walt Disney Co., DreamWorks Animation SKG and KABC in southwest Glendale. It also tweaked an existing incentive plan under which the city provides funds to help convert buildings for modern uses.
Officials looked back on a year in which 40 new businesses came to the area, including film production firms Technicolor Inc. and Cinetech. Leasing prices in the San Fernando Road corridor are now stable and the vacancy rate is hovering around 5%, according to a city staff report.