To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
Vote Requirement: Majority
SUBJECT:
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Resolution Supporting Application to the State for Consideration of Opportunity Zone Designation
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Direct staff to submit applications to the State of California for Opportunity Zone 2.0 designation on eligible unincorporated tracts;
2. Approve the Resolution supporting the creation of new Opportunity Zones within Humboldt County; and
3. Authorize the County Administrative Officer, Economic Development Director, or their designee, to prepare, execute and submit the required recommendation forms, including the Local Authority Recommendation Form, as well as any supporting materials and certifications necessary, on behalf of the county.
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STRATEGIC PLAN:
This action supports the following areas of your Board's Strategic Plan.
Area of Focus: A Diverse, Equitable & Robust Economy
Strategic Plan Category: 2001 - Promote strong economic resiliency and growth
DISCUSSION:
The Opportunity Zone designation program is a federal economic development program created by the Tax Cuts and Jobs Act of 2017 to encourage private investment in economically distressed communities. The idea is to attract long-term capital into areas that have historically experienced challenges such as lower incomes, higher unemployment, limited private investment, or barriers to economic growth. Each state nominates specific low-income census tracts to become Qualified Opportunity Zones.
Opportunity Zones provide a mechanism for directing private investment into designated low-income communities, including investments in businesses, real estate and development projects. Investors may reinvest eligible capital gains through Qualified Opportunity Funds and receive certain federal tax benefits based on the timing and duration of the investment. The county currently contains seven ...
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