Recycling Market Development Zone
The City of Banning is proud to partner with the Riverside County Economic Development Agency as one of California's 35 Recycling Market Development Zones (RMDZ). This program combines economic development with recycling to provide financially attractive incentives for new businesses, expansion of existing facilities, job creation, and reducing the waste stream headed to landfills. RMDZ's benefit the community in the following ways:
- Stimulate the attraction and expansion of recycled-content product manufacturers into the community;
- Can cause decreases in commodity prices due to the reduction in logistics costs;
- Decrease community dependence on landfills;
- Assist local municipality with meeting state mandated landfill diversion rates, currently at 50%;
- Add jobs;
- Increase local revenues; and
- Contribute to the reduction of green house gas emissions.
Businesses seeking to take advantage of RMDZ benefits must reduce waste currently going to landfills. A business that may be eligible for RMDZ benefits would include any of the following:
- Waste prevention manufacturing that reduces the materials used to make products;
- Processes that make products reusable again by repair, reconditioning, and/or washing;
- Manufacturing that takes solid waste to make recycled material or uses a recycled raw material to make a final product; and
- Conversion technology and biomass processes that convert waste to energy, fuel, etc., excluding high heat processes.
The RMDZ program offers eligible businesses below market terms financing for new development and expansion projects, technical assistance and free product marketing. The City of Banning and the Riverside County Recycling Market Development Zone have substantial benefits available for potentially eligible businesses. Below is a summary of the RMDZ specific benefits:
- Attractive Loans
- Loans of up to $2 million or 75% of project costs, whichever is less
- 4.0% interest rate
- Funds may be used for equipment, permanent working capital, leasehold improvements, and up to $1 million dollars for real property acquisition
- Technical Assistance
- Locating manufacturing materials (feedstock)
- Finding markets for products
- Providing current market conditions/trends
- Evaluating technology and equipment
- Providing geographical data on demographics, waste streams, and economics
The RMDZ encompasses the entire City boundary, however, since the program exclusively provides benefits to commercial/industrial operations, qualifying Zoning Districts would include: Business Park, Airport Industrial, and Industrial.
If you would like to request more information, please contact Ted Shove, Economic Development Manager at (951) 922-3181 or by at firstname.lastname@example.org.