Amended
IN
Senate
April 09, 2020 |
Introduced by Senator Durazo |
February 21, 2020 |
This bill would state the intent of the Legislature to enact legislation that would accomplish specified acts, including imposing a registration fee on the development of projects within a California opportunity zone, that would be paid by the managers of qualified opportunity zone funds funding the project, calculated by the size and type of development project.
(c)
(d)
(e)
(f)
(g)
(a)
(b)
(c)
(2)Within 30 days of receipt of the information received pursuant to paragraph (1), the Governor’s Office of Business and Economic Development shall report the information to the Office of Planning and Research and the Department of Housing and Community Development.
(d)(1)On or before June 30, 2021, and on or before June 30 each year thereafter, the manager of an opportunity zone fund that has made real estate investments shall electronically submit the following information about the fund about those real estate investments to the Governor’s Office of Business and Economic Development:
(A)
(B)
(C)
(D)
(E)
(F)
(2)The manager shall include in the first report submitted pursuant to paragraph (1) information that dates back to
the incorporation or formation of the fund. The manager shall include in each report submitted after the first report information for the relevant reporting period.
(3)
(e)
(8)
(9)Have the demographic characteristics shifted more, less, or remained the same in California opportunity zones compared to non-opportunity zone census tracts?
(10)
(b)
It is the intent of the Legislature to enact legislation that would accomplish all of the following:
(a)Require applicants for development projects proposed within a California opportunity zone, as defined in Section 12097.5 of the Government Code, to include information as to whether the project will use funds from a qualified opportunity zone fund, as defined in Section 1400Z-2 of the Internal Revenue Code, and in that case, to require the submission of specified information with the application for the development project.
(b)Impose a registration fee on the development of projects within a California opportunity zone that would be paid by the managers of qualified
opportunity zone funds funding the project, calculated by the size and type of development project, to recover the additional costs of reviewing the applications described in subdivision (a) and the costs to the Governor’s Office of Business and Economic Development to administer Section 12097.7 of the Government Code, as proposed to be added by this act, and for allocation to the Judicial Council to fund legal assistance for undocumented tenants.
(c)Waive or reduce the registration fee for any development project that contains housing units that are affordable, as determined by a percentage of average median income, with respect to those portions of development project that are the affordable housing units.
(d)