- Home
- Departments
- City Manager
- Development Services
- Designated Opportunity Zones
Designated Opportunity Zone in Richmond
Opportunity Zones in Richmond
The City of Richmond has two census tracts and a portion of a third census tract granted as Opportunity Zones by California's Governor as Opportunity Zones.
.
1. Census tract: 376000 - Central Richmond
2. Census tract: 365002 - Spans both the City of Richmond and
Unicorporated North Richmond
3. Census tract: 382000 - Portion of census tract is on boarder between
the City of El Cerrito and City of Richmond
The map to the right illustrates:
- City of Richmond owned Property
- Richmond Housing Authority Property
- Successor Agency Property
- Vacant parcels (vacant parcels include residential, multifamily, commercial, and industrial parcels)
DISCLAIMER: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
The U.S. Department of the Treasury has certified California's
nominated eligible census tracts and has designated all 879 nominated tracts as Qualified Opportunity Zones under Internal Revenue Code (IRC) Section 1400Z-1(b)(1)(B).
Background
The Tax Cuts and Jobs Act passed at the end of December 2017 allowing Governors in each state to designate certain census tracts as Opportunity Zones. The Opportunity Zone program was enacted to spur economic development by providing tax benefits to investors encouraging long-term private sector investments in low-income communities.
The IRS states that, "Opportunity Zones are designed to spur economic development by providing tax benefits to investors. First, investors can defer tax on any prior gains until the earlier of the date on which an investment is sold or exchanged, or December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund. Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in basis equal to the fair market value of the investment on the date that the investment is sold or exchanged."
- US Department of the Treasury
- state of California, Department of Finance
- January 24th, 2019 Richmond Workshops
- City of Richmond Policies and Ordinances
- Richmond Works for Business
- San Francisco Business Times: Richmond
US Department of the Treasury
Authority to implement IRC 1400Z-1 and 1400Z-2 has been delegated to the IRS and Community Development and Financial Institutions (CDFI) Fund is supporting the IRS with the Opportunity Zone nomination and designation process under IRC 1400Z-1 only.
The US Department of Treasury is continuously releasing information regarding the newly created Opportunity Zones. Comments on proposed regulations can be submitted electronically to www.regulations.gov.
To monitor additional Opportunity Zone information, visit the IRS' Tax Reform webpage, www.irs.gov/tax-reform. For any other questions, please call (800) 829-1040.
The IRS has posted a helpful Frequently Asked Question (FAQ) document and can be found by visiting, www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions.
For more information, visit the US Department of the Treasury's Opportunity Zone Resources website.
State of California, Department of Finance
State of California, Department of Finance's has created a website for Opportunity Zones in California. For more information please visit, www.dof.ca.gov/Forecasting/Demographics/opportunity_zones/index.html
January 24, 2019- Opportunity Zone Forum
On January 24th, the City Manager’s Office, Community Development Division, in partnership with Richmond Neighborhood Housing Services, hosted an informational forum called, An Opportunity Zone Conversation in Richmond. Attendees included community-based organizations, developers, investors, and community members and were able to learn more about Opportunity Zones and development in Richmond.Speakers included:
- Shasa Curl, City of Richmond Community and Economic Development Director
- Nikki Beasley, Executive Director of Richmond Neighborhood Housing
- Ernst Valery, Co-Managing Member SAA/EVI
- Melissa Jones, Executive Director, BARHII
- Kevin Wilson, CPA Partner, Novogradac & Company LLP
- Sonrisa Cooper, Fellow, Greenlining Institute
- Chris Brown, Director, PolicyLink
City of Richmond Policies and Ordinances
A list has been compiled of all of the policies and ordinances to be aware of prior to development for developers, investors, and community members to be aware of.
- City of Richmond General Plan 2030
- Richmond's Zoning and Subdivision Ordinance
- Richmond Livable Corridors Form-Based Code (also see the Architectural Standards and Sustainability Guidelines).
- Health in All Policies (HiAP)
- Climate Action Plan (CAP)
- Richmond Business Opportunity Ordinance
- Local Employment Program Ordinance
- Living Wage Ordinance
- Richmond Fair Rent, Just Cause for Eviction and Homeowner Protection Ordinance (RMC 11.100)
- One-Percent for Public Art on Private Projects
Richmond Works for Business
Richmond has a ready workforce, acres of space to locate and expand, great transportation connections, a growing economy – and a proactive Office of Economic Development that’s ready and able to provide businesses low-cost loans for working capital, tax incentives, relocation assistance and favorable contracting opportunities.
Revolving Loan Fund
- Working capital – for the costs of business operations
- Machinery/equipment – to acquire machinery and equipment
- Fixed assets – for leasehold improvements, renovation, expansion of a structure, or purchase of fixed assets
- Facade improvements
Tax Credits and Hiring Incentives
Richmond enables businesses to save thousands – even millions – of dollars through a variety of tax credits and cost reductions. to learn more about credits and incentives and see if your business is eligible, visit our Tax Credits and Hiring Incentives webpage.
Businesses hiring a resident from a State-recognized Targeted Employment Area (TEA) can immediately qualify for the hiring tax credit.
View the TEA Street Ranges by Directional Listing.
San Francisco Business Times: Richmond, CA
The San Francisco Business Times has published an advertising supplement featuring Richmond. This issue highlights the assets and amenities that make Richmond one of the best options for business in Bay Area, and profiles a variety of companies that call Richmond home. Please follow the link to read and share this wonderful profile of Richmond:
2018 San Francisco Business Times Richmond Supplement
2016 San Francisco Business Times Richmond Supplement