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Opportunity Zone-Related Legislation

Below is a list of California legislation related to Opportunity Zones.

AB 1445 (Reyes) Opportunity Zone Reporting

This bill requires a qualified Opportunity Fund to provide specified information when engaging in any transaction for the sale or lease of a qualified Opportunity Zone business property which is owned by the city or county that is located within a designated qualified Opportunity Zone.  This information includes:  (1) A timeline for completion of the investment activity on the property; (2) An estimation of the number of jobs that will be created as a result of the investment activity on the property; and (3) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.
Status:  Signed by the Governor, Chapter 380, Statutes of 2018.

AB 2518 (Aguiar-Curry) Innovative Forest Products

This bill requires the Department of Forestry and Fire Protection to identify and make recommendations on how to mitigate barriers to in-state production of mass timber and other innovative forest products.  Further, the Department is required to develop a plan that proposes:

  • The development of a mass timber production facility, located within 30 miles of two actively producing lumber mills than can provide feedstock, as specified.
  • The development of three computer numeric control (CNC) machining operations that have the capability of cutting mass timber panels, as specified.  At least one of the facilities is required to be co-located with the mass timber production facility noted above.  The two other CNC machining operations may be located elsewhere, to the extent that the location meets the following three criteria: (1) The location is a former mill site, as specified; (2) The location is not more than 25 miles from an area impacted by a large landscape fire, as specified; and (3) The location is in or adjacent to a community designated as an Opportunity Zone, or has an average household income of 5% below the state's median household income.
  • The development of two schools and two fire stations that will be constructed, to the maximum extent practicable, with mass timber.  
    Status:  Signed by the Governor, Chapter 637, Statutes of 2018.

AB 3030 (Caballero) CEQA Exemption for Opportunity Fund Investments

This bill exempts from the California Environmental Quality Act residential and mixed-use projects with 50% affordable housing that are financed by a "qualified Opportunity Fund" and meet other specified criteria. 
Status:  Held in the Senate Committee on Appropriations, 2018.

SB 635 (Hueso) Office of Geographically-Targeted Economic Development

This bill establishes the Office of Geographically-Targeted Economic Development within the Governor's Office of Business and Economic Development for the purpose of assisting local communities to become private investment ready, as well as to access state resources to meet economic development needs. 
Status:  Signed by the Governor, Chapter 888, Statutes of 2018.

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