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Subcommittee signals support to apply for Opportunity Zones 2.0 in two Ventura census tracts
Summary
Staff briefed the subcommittee on Opportunity Zones 2.0 timing and eligibility; the city will apply by the end of July for downtown census tract 24 and westside tract 23.02. Staff reported dozens of shovel-ready projects that would support the application.
Staff briefed the subcommittee on Opportunity Zones 2.0: the application is expected to be released next week, is due at the end of July, and the state will select roughly 25% of applicants with decisions expected in September. Staff recommended applying for two census tracts: tract 24 (downtown) and tract 23.02 (westside).
The downtown tract inventory included 47 relevant projects across public investment, business expansion, housing and mixed-use categories; the westside inventory included 14 redevelopment projects and two public-investment projects, including a main-street bridge project that spans both tracts. Staff said the program is designed to attract private capital and does not require matching city funds for the application.
A subcommittee member noted a concern that the state may avoid areas perceived as already receiving investment (what staff described as "Goldilocks" zones), but staff said there is no harm in applying and urged the subcommittee to signal whether staff should proceed with filing. Members indicated support and a motion to proceed was made; the transcript does not include a formal roll-call tally.
Next steps: staff will file the application by the end of July and report back once the state announces selections (expected in September).
