2003 LOVERIDGE STATE OF THE CITY ADDRESS

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, . ).. January 30,2003 Mayor Ronald O. Loveridge STATE OF THE CITY BEST OF TIMES: OPPORTUNITIES AND PERILS This is 26th State of the City Address. Thank you for coming. And thank you to Cindy Roth and the Chambers of Commerce. There is no better Chamber in the State. You provide extraordinary leadership for the quality of business and community life in Riverside! When I talk with people across California, they most frequently ask: "How are things going in Riverside?" Taken seriously, it is a comparative, searching, and powerful question. It frames the 2003 State of the City: How are we doing? What is happening? Where are we going? BEST OF TIMES My answer: this is the best of times for Riverside since the beginning of the 20th Century. PAST We know Riverside's near legendary status from 1900 to 1925. With a population of under 25,000, Riverside was the city in the groves, the city beautiful, the quintessential citrus town in Southern California. Per capita income was once reported as highest in the country. Citrus framed the economy, architecture, and culture of Riverside. In 2003 we recognize and honor the legacy of that citrus era. Centennial celebrations will be held for our two most historic places, the Mission Inn and the Courthouse. PRESENT Riverside is now a different city, a different place. In 2003, we are a diverse, urban city of 270,000, the largest city in the Inland Empire, 5th in Southern California, and 11 th in the State. Since the end of citrus era, 2002 was truly the best of times for Riverside, for seven reasons: 1 st) The economy of Riverside has never been better! In the words of Cindy Roth, "It is exploding." Highest number of jobs in the City's history. Highest building permit valuations. Highest sales tax revenues. Highest real estate values. Kudos to our Public Utilities who provide the lowest commercial and industrial rates in the Inland Empire. We take special pride h1 the recent expansion of important high tech firms, including 10 Software, Digital Angel, and Info Tech. Within two years, Riverside will be among the most wired cities in the United States. And we are delighted that Toro chose to keep its engineering and top management people in Riverside. 2nd) Riverside is a university community. We are distinguished by our three universities and community college. 1