LAEDC Selects 10 Finalists for Most Business-Friendly City Competition

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Ten L.A. County Cities Represent the Best in Economic Development Practices

The Los Angeles County Economic Development Corporation Tuesday announced the finalists for its Most Business-Friendly City in L.A. County award.

This year, the LAEDC created two categories for this award to recognize cities with populations of 50,000 and above and those with 50,000 and under.

The cities of Cerritos, Glendale, Long Beach, Pasadena and Santa Clarita are finalists for the population 50,000 and over category. Culver City, La Mirada, Monrovia, Santa Fe Springs and Vernon are finalists in the population 50,000 and under category.

"Because of the overwhelming strength of the applications received, we decided to create two categories to recognize these very deserving cities," said Bill Allen, LAEDC president and CEO. "This is an extraordinarily encouraging sign that more and more cities are being proactive in their efforts to retain and attract quality jobs and businesses in their communities."

One winner from each category will be announced live at the 13th Annual Eddy Awards®, honoring economic development leadership, Monday, Nov. 17, 2008, at the Beverly Hilton (9876 Wilshire Blvd, Beverly Hills, CA 90210). More than 700 leaders from the business, government and education communities are expected to attend the gala dinner.

The finalists were selected based on criteria that included 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 the past three years; and competitive business tax rates and fee structures.

The City of Lancaster was the winner for the 2007 "Most Business-Friendly City in L.A. County" competition. The City of El Segundo was the first winner in 2006. There is a three-year moratorium before a winning city can reapply for the award.

In addition to announcing the winners of the Most Business-Friendly City in L.A. County award, the Eddy Awards® will also honor famed real estate developer Rick Caruso and The Walt Disney Company for their outstanding private sector leadership in economic development.
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. The Eddy Awards® recognize individuals, companies, and in 2006 began honoring cities as well, for leadership in economic development. For more information about the Eddy Awards®, including sponsorship opportunities, please visit http://www.laedc.org/eddy.

About LAEDC (http://www.LAEDC.org)

The Los Angeles County Economic Development Corporation (LAEDC), the region's premier business leadership organization, is a private, non-profit organization established in 1981. Its mission is to attract, retain and grow business and jobs for the regions of Los Angeles County. Since 1996, the LAEDC has helped retain or attract more than 145,646 jobs, providing $6.3 billion in direct economic impact from salaries and $105 million in annual tax revenue benefit to local governments and education in Los Angeles County. Visit http://www.laedc.org or call (888) 4-LAEDC-1.

For comprehensive information about 2008 Most Business-Friendly City Competition, with info on finalist cities, visit: http://tinyurl.com/LAEDC-BusinessFriendlyCities.

For more information about LAEDC visit: http://www.LAEDC.org.

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