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Seaside staff asks committee to support Opportunity Zone nominations before July 20 deadline
Summary
Staff asked the committee to validate and support nominations for two census tracts for the state Opportunity Zone program (deadline July 20), clarified that designation only provides federal tax deferral access and does not change zoning or create city funding obligations, and requested authorization for staff to prepare support letters.
Staff briefed the C Jobs committee on a state invitation to nominate local census tracts for Opportunity Zone re-designation and asked the committee for validation and support. The staff presenter said the governor’s office (GoBiz) is accepting local authority nominations by July 20 and that the committee’s recommendation and supporting letters would strengthen Seaside’s submission.
What staff said: the presenter explained which areas a primary tract would cover (Main Gate, Campus Town phase 1a, the Bay and Black Horse Golf Course area that includes the Seaside Grand Hyatt) and that a last-minute addition would also add Census Tract 06053014000 so Sand City areas and lower Broadway/Del Monte sections could be included. Staff emphasized the mechanics and limits of the designation: “It does not provide any grant, grants from the city. It doesn't require city funding, fee reductions, or subsidies. It doesn't change the base zoning. It doesn't approve projects,” the presenter said, adding that the designation “provides access to investors for those federal tax deferral programs.”
Why it matters: Opportunity Zone designation can make private investors eligible for federal capital gains deferral on qualifying long-term investments; staff said the tool alone does not obligate the city to fund or approve development, but it can make certain projects more attractive to investors and help capture reinvestment in Seaside.
Discussion and next steps: commissioners raised questions about overlap with Sand City and whether Sand City’s inclusion might shift development away from Seaside. Staff replied Sand City may apply on its own and stressed that Seaside’s committee recommendation and support letters would increase the city’s chance of attracting projects to Seaside portions of the tract. A commissioner asked staff to be authorized to prepare the necessary support letters on behalf of the committee and chair; staff said it would bring the plan to city council as appropriate and proceed to submit the nomination by the July 20 deadline if the committee supports it.
Outcome: staff requested committee validation and authorization to prepare support letters; the transcript records the request and discussion but does not record a formal roll-call vote on authorization during the meeting.
