City of Marina Opportunity Zone Prospectus
Total Page:16
File Type:pdf, Size:1020Kb
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 • $300 million new mixed-use, retail/ • The City of Marina, California is a residential development since 2005. diverse growing community of 23,850 within a semi-rural county of 430,200. • Multiple entitled developments in the pipeline with additional • Historically home to the US Army residential/light industrial installation at Fort Ord, now home to opportunities. the California State University Monterey Bay, Fort Ord Dunes State • Fully-staffed planning/development Park, & Fort Ord National Monument. team ready for quality projects. • Located directly on the beautiful • Marina Opportunity Zone Lead: Monterey Bay, 44-mile south of Layne Long, City Manager (831) 884- Silicon Valley, Marina offers an 1224, [email protected]; and, incredible quality of life and room to Matt Mogensen, Assistant City grow. Manager (831) 884-1240, [email protected] Opportunity Zone Tax Incentives STEP-UP IN BASIS PERMANENT TEMPORARY EXCLUSION The 2017 Tax DEFERRAL A step-up in basis Cut and Jobs for capital gains A permanent A temporary deferral reinvested in an exclusion from Act of inclusion in Opportunity Fund. taxable income of established taxable income for The basis is capital gains from new Internal capital gains increased by 10% if the sale or Revenue Code reinvested into an the investment in exchange of an 1400z – Opportunity Fund. the Opportunity investment in an Opportunity The deferred gain Fund is held by the Opportunity Fund Zones must be recognized taxpayer for at if the investment is on the earlier of the least 5 years and held for at least 10 date on which the by an additional years. This opportunity zone 5% if held for at exclusion only investment is least 7 years, applies to gains disposed of or thereby excluding accrued after an December 31, 2026. up to 15% of the investment in an original gain from Opportunity Fund. taxation. Geography MarinaOppZone • 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. Historic Fort Ord Reuse History • Former home to US Army 7th Infantry Division. • West Coast training facility from 1914-1994. • Closed for civilian reuse. Today • Award-winning, balanced education, conservation & economic development- reuse plan. • 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. City of Marina Momentum By the Numbers By the Assets By the Zone City population over Located at the center of Planned growth & 23,850 & growing; Monterey Bay region. development areas regional population with focus on job Educational reuse of 430,200. generation. former Amy base $750 million in new includes CSUMB, MPC & Prime entitled construction & UCSC. commercial, mixed- infrastructure since use, hotel, and office 1994. Future oriented drone, automation & robotics sites. Growing CSUMB campus technology economic Municipal airport with with 7100 students & development initiative. planned business park 1500 faculty & staff. development. 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 Bay Silver Catalyst Community 2011 & 2012 City of Marina By the Numbers Leading Industries Value Educational Services, Health Care, & Social Assistance 24% Arts, Entertainment, Recreation, Accommodation & 17.5% Food Services Retail Trade 15.3% Public Administration 10.6% Professional, Scientific, Management & Administrative 8% • 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 Assets • Location, Location, Location • Educational Reuse • Recreation & Hospitality • Strong & Light Manufacturing • Growing Tech Cluster • Entrepreneurship • Educated Workforce • Health Cluster • Growing Community Higher Education • Educational reuse of former Army base – now home to multiple thriving institutions of higher education Recreation & Hospitality • Located on the world-renowned Monterey Bay with an array of recreation and hospitality offerings for a broad audience. Strong & Light Manufacturing • Growing regional strong & light manufacturing hub. Growing Tech Cluster • Growing tech entrepreneurship & innovation center with emphasis in aerospace, drones, automation, robotics, marine tech, ag tech, & adventure sports. Health & Wellness • Regional health & wellness hub with over $100 M recent investment Growing Community • Multiple entitled residential developments underway or planned. City of Marina by the Zone Key Opportunities • Cypress Knolls • Dunes on Monterey Bay • Marina Airport • Marina Arts District • Stockade Parcels Cypress Knolls The Assets • City-owned 190 acres re- development site, close to pristine beach on Monterey Bay. • Located 1.2 miles from Cal State Monterey Bay, ¼ miles from The Dunes Regional Mall and CA-1. • Located 3.7 miles from Marina Municipal Airport. The Opportunity • Project is on hold pending Redesign. • Zoning: site development will require preparation of Specific Plan. Contact: Layne Long, City Manager City of Marina [email protected] (831) 884-1224 Dunes on Monterey Bay The Assets • Fully entitled multi-phase, mixed-use residential, retail, hospitality, office development. • 35% of masterplan complete including hotel, regional retail, medical, VA/DoD complex, restaurants, 440 residential units • Directly adjacent to CSUMB, Fort Ord Dunes State Park, and CA-1. • Located 9 min north of Monterey Peninsula & Regional Airport. The Opportunity • Premier, mixed-use development on the Monterey Bay. • Shovel-ready commercial, hospitality, multi-family residential phases & projects. • Capitalize on market momentum. Contact: Doug Yount, Project Director Shea Homes - Marina Community Partners [email protected] (831) 384-1018 Marina Airport The Assets • 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 Manager City of Marina [email protected] (831) 241-8628 Marina Arts District The Assets • 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. Contact: Layne Long, City Manager City of Marina [email protected] (831) 884-1224 Stockade Parcels The Assets • City-owned 13.39 acres re- development site, close to pristine beach on Monterey Bay. • Located 0.5 miles from Cal State Monterey Bay, ¼ miles from The Dunes Regional Mall and CA-1. • Located 3 miles from Marina Municipal Airport. The Opportunity • Zoning: office, R&D and light industrial uses. Contact: Layne Long, City Manager City of Marina [email protected]