Local Buzz

The Foundation for The Collection is Set

The foundation for The Collection, one of Ontario's newest upbeat neighborhood centers, is set. The Lewis Retail Center's The Collection is a 96,000-square-foot development set in the heart of Ontario's future entertainment district. The center will serve a surrounding daytime population of 102,860 people within a 3-mile radius.

The development will provide a place to gather and be entertained with friends and family and has already attracted a variety of reputable and popular tenants, including Stater Bros. Markets, Left Coast Brewing, Taqueria 2 Potrillos, Yoshiharu Ramen, The X Nail, Cold Stone Creamery, Farmer Boys, 7-Eleven, Starbucks, Capriottis, and West Coast Dental.

To learn more about The Collection, click here. 

More Affordable Housing in Downtown is Underway

In partnership with the Related Companies of California, the City of Ontario has launched Phase II of the Emporia Place affordable apartments in Downtown Ontario by demolishing the former American Legion building.

The construction of the new 50-unit apartment complex is expected to begin by the second quarter of 2023. The apartments are 100% affordable; families and individuals may qualify by earning between 30 and 50% of the area’s median income.

The new complex will feature a common area, including a pool serving Phase I and Phase II residents.

The City of Ontario kicked off its affordable housing effort in 2019, a year after receiving a Transformative Climate Communities Program Grant for $35 million.

S&P Global Raises OIAA Rating for Revenue Bonds to A

S&P Global Ratings raised its long-term rating for Ontario International Airport Authority (OIAA) revenue bonds outstanding to A from A-minus because of the airport’s substantial recovery from the COVID-19 pandemic, passenger volumes sustained above pre-pandemic levels, and significant cash reserves. The ratings agency further said its outlook for the OIAA is stable.

“The upgrade reflects our view of the airport’s improved market position and strong overall enterprise risk profile, driven by a substantial rebound in enplaned passenger levels that have been sustained above pre-pandemic levels and the expectation that the authority will maintain financial metrics consistent with a strong financial risk profile as it issues debt to fund its capital needs,” S&P Global reported.

Three key credit strengths contributed to the higher rating:

• “Robust air travel demand, supported by favorable service area economic fundamentals, including a large, growing population base and ample employment opportunities.”
• “Strong management and governance, with management that we consider capable in operating an airport of this size, and a conservative approach to financial and capital planning.”
• “Strong liquidity position, bolstered by an infusion of federal stimulus aid.”

To read the full press release, click here.

Industry Alerts

City of Ontario Citywide Sales Tax Increase

Beginning April 1, 2023, the district tax in Ontario will be increased by 1% from the previous rate of 7.750% to a new rate of 8.750% across the city. This tax change was approved by Ontario voters during the November 2022 election.

If you're uncertain about charging the new tax rate and would like to verify the tax rate for your retail location, you can click here (confirm after April 1, 2023).

For a detailed description of the sales and use tax rate, or to obtain additional information regarding sales and use tax rates for California cities and counties, click here.

Resources & Funding

Goldman Sachs 10,000 Small Businesses is an initiative designed to assist small businesses in expanding and generating employment opportunities by granting them better access to education, capital, and business support services.

As a participant in this program, you'll acquire practical expertise in a variety of areas, including financial statements negotiation, marketing, and employee management. You'll also receive the resources necessary to create a customized business plan for growth - if selected, this is available to you at no cost.

Bookkeeping Basics for Small Businesses

Bookkeeping can be a daunting task for small business owners, but having a grasp of its fundamentals is essential for informed financial decisions, proper tax payments, and ensuring your business's long-term success. Join SCORE for a small business bookkeeping webinar on March 21, 2023, from 10 AM to 11 AM. 

By attending this webinar, you will learn how to establish a bookkeeping system that fits your business, gain an understanding of tracking income and expenses, find out how bookkeeping can ease the tax season, and receive advice on optimizing your bookkeeping process.

Digital Marketing for Your Business

Digital marketing is critical to success of small businesses in today's highly competitive market. It enables businesses to reach a broader audience, build their brand, and generate more revenue. Join the San Bernardino County Economic Development Department for a small business digital marketing course on March 30, 2023, from 9 AM to 11 AM at the Carnegie Cultural Center in Upland, CA 91786.

This course will cover essential topics, including:

• Digital Marketing Key Components
• Goal Setting and Key Metrics
• Developing a Sustainable Digital Marketing Strategy
• Is Your Digital Marketing Strategy Working?

Available Properties

For questions or comments, please contact the City of Ontario Economic Development Department at (909) 395-2005 or OntarioEDA@OntarioCA.gov.

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