Strategic Economic Investment Project

Strategic Economic Investment Project ("SEIP")

On February 15, 2022, the City Council approved the Strategic Economic Investment Project (“SEIP”).  The SEIP assigns $8,303,350 in economic support funds to three business types: restaurants, hotels, and other impacted industries.  The City Council’s intent in approving the SEIP is to help local businesses offset the economic damage caused by       COVID-19 and related disruptions.  The budget assignments for each business category and described below.

EIP Spending Summary – Economic Support

Restaurant Recovery & Assistance
$3,803,350
Hotel Recovery & Assistance
$2,500,000
Other Impacted Industries
$2,000,000
Total:
$8,303,350

Over the next several months, the City will work to develop programs that provide economic support to businesses in each of the three categories.   On June 21, 2022, the City Council approved a contract with a consultant to help the City develop programs that match the genuine needs of Lake Forest businesses.  After the completion of a thorough outreach process to the business community, the consultant will propose economic support programs to the City Council for consideration.

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