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Fortuna council approves nomination of three census tracts for Opportunity Zones 2.0
Summary
City staff recommended and council authorized nomination of three Fortuna census tracts (priority to the mill-site/Redwood Village area) for California’s Opportunity Zones 2.0 application, adopting Resolution 20 26-28 to permit staff to submit the nominations.
A city planning staff member explained that the Opportunity Zones 2.0 program (a federal capital-gains incentive administered through the state) can help attract private investment to economically distressed or rural areas, and recommended Fortuna nominate three eligible census tracts. "Staff are recommending that the council adopt Resolution 20 26-28 and submit applications for all three census tracts," the staff presenter said, identifying the highest-priority tract as the area covering the Redwood Village Shopping Center and most of the mill site.
Council asked how staff prioritized the tracts; staff said prioritization considered redevelopment barriers and potential benefit, noting the priority-1 tract includes roughly 57 of the mill site’s ~68 acres. On a motion and second, the council directed staff to complete and submit the Opportunity Zones 2.0 application and adopted Resolution 20 26-28 by unanimous roll-call vote.
