Opportunity Zone Prospectus The use of the word “prospectus” for the purpose of the work contained herein is not to advertise about, endorse or in any other way to promote or offer specific investment opportunities in cities OR OTHERWISE. The urban investment prospectus is a template designed to help unify city leaders around a plan, to show what might occur in a city and to use as a tool to promote the city and its plans. The prospectus has been prepared for discussion purposes only and not to induce any one to enter into any agreement or transaction. For the avoidance of any doubt, the distribution of this prospectus does not constitute an offer to sell or a solicitation of an offer to buy any assets or equity securities or any investment of any kind.
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Opportunity Zone Prospectus
The use of the word “prospectus” for the purpose of the work contained herein is not to advertise about, endorse or in any other way to promote or offer specific investment opportunities in cities OR OTHERWISE. The urban investment prospectus is a template designed to help unify city leaders around a plan, to show what might occur in a city and to use as a tool to promote the city and its plans. The prospectus has been prepared for discussion purposes only and not to induce any one to enter into any agreement or transaction. For the avoidance of any doubt, the distribution of this prospectus does not constitute an offer to sell or a solicitation of an offer to buy any assets or equity securities or any investment of any kind.
Executive Summary
• The City of Marina, California is a diverse growing community of 23,850 within a semi-rural county of 430,200.
• Historically home to the US Army installation at Fort Ord, now home to the California State University Monterey Bay, Fort Ord Dunes State Park, & Fort Ord National Monument.
• Located directly on the beautiful Monterey Bay, 44-mile south of Silicon Valley, Marina offers an incredible quality of life and room to grow.
• $300 million new mixed-use, retail/ residential development since 2005.
• Multiple entitled developments in the pipeline with additional residential/light industrial opportunities.
• Fully-staffed planning/development team ready for quality projects.
• Marina Opportunity Zone Lead: Layne Long, City Manager (831) 884-1224, [email protected]; and, Matt Mogensen, Assistant City Manager (831) 884-1240, [email protected]
The 2017 Tax Cut and Jobs Act established new Internal Revenue Code 1400z –Opportunity Zones
TEMPORARY DEFERRAL
A temporary deferral of inclusion in taxable income for capital gains reinvested into an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is disposed of or December 31, 2026.
STEP-UP IN BASIS
A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original gain from taxation.
PERMANENT EXCLUSION
A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund.
Opportunity Zone Tax Incentives
• The Marina Opportunity Zone encompasses ~3000 acres of prime California Coastal land.
• Located on the southern portion of the City of Marina, Monterey County, California.
• 44 miles from Silicon Valley, 5-miles from Monterey, 4-miles from Salinas, 10-miles from Carmel-by-the-Sea.
• Zoned land uses include a mix of residential, commercial and light industrial.
• The zone is primed for quality development with reuse of former Fort Ord Army base.
• Home to California State University, UC Monterey Bay Education, Science & Technology Center, Monterey Peninsula College, Monterey College of Law, & others.
• Thriving new mixed-use planned communities & reuse opportunities.
• Ample recreation at Fort Ord National Monument & Fort Ord Dunes State Park.
By the Numbers By the Assets By the Zone
City population over 23,850 & growing; regional population 430,200.
$750 million in new construction & infrastructure since 1994.
Growing CSUMB campus with 7100 students & 1500 faculty & staff.
Located at the center of Monterey Bay region.
Educational reuse of former Amy base includes CSUMB, MPC & UCSC.
Future oriented drone, automation & robotics technology economic development initiative.
Planned growth & development areas with focus on job generation.
Prime entitled commercial, mixed-use, hotel, and office sites.
Municipal airport with planned business park development.
City of Marina Momentum
City of Marina By the Numbers
Metric Value
Population 23, 850
Bachelors degree or higher 23%
High School degree 81%
Jobs Within Community 9,431
Median Household Income $51,847
New housing units in last 5 year 1000+
Entitled new homes 2750+
CSUMB Students 7100+
CSUMB Faculty 1500+
Dunes on Monterey BaySilver Catalyst Community
2011 & 2012
• Located at the center of the larger Monterey Bay area region, the City of Marina is primed to benefit from regional jobs initiatives focused on a growing medical services sector, increasing strong & light manufacturing, agricultural technology, aerospace, drone, automation & robotics.
• Access to workforce training and education is readily accessible at 11 institutions of higher education within the Monterey Bay region.
City of Marina By the Numbers
Leading Industries Value
Educational Services, Health Care, & Social Assistance 24%
• General aviation airport within Marina city limits, 2 miles east of the city center.
• City owned site, comprised of 845 acres and centrally located in region serving Monterey Peninsula, Santa Cruz County and Salinas Valley. Close to Monterey Bay and 60 miles southwest of San Jose. 1-mile from CSUMB.
• University of California Monterey Bay Education, Science & Technology (UCMBEST) Center adjacent to the airport.
• 2018 Marina Municipal Airport Master Plan sets vision to improve aviation infrastructure and complement economic development opportunities on airport property.
The Opportunity
• The site is a mixed use project that will address market demands for R&D, light industrial, retail, office, business support and hospitality uses.
• Approximately 900,000 sf of buildable space in Revenue Support and Aviation Development Areas.
Contact: Jeff Crechriou, Airport ManagerCity of Marina
• City-owned warehouses located at 1st Ave & 8th Street, with quick CA-1 highway access.
• Direct pedestrian connection to Fort Ord Dunes State Beach.
• 60,000 sf structure on 5.37 acres.
• Included in entitled Dunes Specific Plan, a 429-acre mixed-use, Master Plan.
The Opportunity• Redevelop existing 60,000 sf Arts
District building into a creative structure for retail shops, artisan studios, office space, innovative light manufacturing, retail, foundries, museums and both indoor/outdoor entertainment.
The use of the word “prospectus” for the purpose of the work contained herein is not to advertise about, endorse or in any other way to promote or offer specific investment opportunities in cities OR OTHERWISE. The urban investment prospectus is a template designed to help unify city leaders around a plan, to show what might occur in a city and to use as a tool to promote the city and its plans. The prospectus has been prepared for discussion purposes only and not to induce any one to enter into any agreement or transaction. For the avoidance of any doubt, the distribution of this prospectus does not constitute an offer to sell or a solicitation of an offer to buy any assets or equity securities or any investment of any kind.
