With more than a little help from the Santa Cruz Redevelopment Agency, local businesses Cruzio Internet and Zero Motorcycles raked in $3.6 million in state bond money last week. City officials say the cash will help the companies create dozens of jobs, and, eventually, produce hundreds of thousands of dollars in tax revenue for city coffers.
“With Redevelopment Agency funds being hit so hard by state budget cuts, it’s good that we can use our knowledge of municipal bonds to help businesses like Zero and Cruzio to grow,” says Peter Koht, the city’s economic development coordinator who worked on landing the cash. “We try and help any business – especially green and tech businesses – to grow in Santa Cruz.”
Cruzio, the locally based internet provider was granted $2,758,770 in California Recovery Zone Facility Bonds that will go toward building its new data center and shared office space at the old Santa Cruz Sentinel building at 207 Church Street.
Zero Motorcycles, the Scotts Valley-based electric motorcycle company that’s looking to open a new manufacturing plant and sales center in Santa Cruz was handed a $900,000 grant from the California Energy Commission. This money will go toward the company’s work on an advanced electric powertrain that industry watchers say could revolutionize small electric motors.
