[Congressional Record Volume 150, Number 76 (Thursday, June 3, 2004)]
[Extensions of Remarks]
[Page E1022]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 A TRIBUTE TO THE CITY OF SAN DIEGO COMMUNITY AND ECONOMIC DEVELOPMENT

                                 ______
                                 

                     HON. RANDY ``DUKE'' CUNNINGHAM

                             of california

                    in the house of representatives

                         Thursday, June 3, 2004

  Mr. CUNNINGHAM. Mr. Speaker, I rise today to pay tribute to the City 
of San Diego Community and Economic Development. The City of San Diego 
Community and Economic Development is the winner of the Economic 
Development Administration's Excellence in Economic Development Award 
for 2004 in the category of Excellence in Urban or Suburban Economic 
Development. San Diego Community and Economic Development was given 
this honor for the program of Business Finance Section by a panel of 
economic development experts. The city of San Diego and the state of 
California should be extremely proud of this achievement.
  Helping businesses in San Diego grow and flourish is a major focus of 
the City of San Diego. The Community and Economic Development 
Department is dedicated to helping foster the region's economic base to 
improve the quality of life for its citizens and business community. 
Through many continuing programs and projects, the City creates 
opportunities for businesses to succeed. The Department is a key 
component in attracting, retaining and expanding businesses, creating 
jobs and increasing investment in San Diego.
  San Diego Community and Economic Development's Business Finance Team 
works to facilitate the flow of capital and other resources to the 
underserved areas of the city. Activities of the Business Development 
Team include issuance of industrial development bonds and direct loans. 
The Team also works closely with the banking community and encourages 
banks to develop and commit to San Diego-specific programs that provide 
expanded credit and banking services access for low-income communities 
and small and minority-owned businesses.
  In 2002, 83 percent of the operating expenses of the Business Finance 
Team came from portfolio earnings and outside grants. Beginning in 
1993, the Economic Development Administration has awarded three 
revolving loan fund investments for economic development in the city of 
San Diego. These investments were, in large part, possible due to the 
excellent stewardship exhibited by the Community and Economic 
Development's Business Finance Team.
  Mr. Speaker, I ask that my colleagues join me in recognizing the 
outstanding achievement of the City of San Diego's Community and 
Economic Development and applaud their success in creating jobs and 
business growth in the San Diego region.

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