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Need comments re: Opportunity Zones

Thursday, July 30, 2020 4:54 PM | Ross Hutchings (Administrator)

CSSA Members -

Clarification – This is in regards to California SB 25 (Wiener) which would, until January 1, 2025, establish specified procedures for the administrative and judicial review of the environmental review and approvals granted for projects located in specified counties that are funded, in whole or in part, by specified public funds or public agencies and that meet certain requirements. This bill contains other related provisions and other existing laws.  The language for SB 25 is based on US Senate Bill SB 2787 (Wyden)

Among other items this this bill expands prohibitions of investments in certain luxury assets including private planes, sports stadiums, luxury rental properties, and self-storage facilities

The author's staff had received push back from lawmakers claiming the bill was too broad so they are looking to amend it and are open to revisiting/removing self storage.

They are looking for data regarding jobs and how denying self storage in these zones would negatively impact the community.

If you are involved in utilizing opportunity zones for self storage projects and can help supply the need (value) constructing and managing self storage facilities, please provide information, data, or talking points to the SSA/CSSA lobbyist - Naomi Padron at npadron@mchughgr.com 

For a synopsis and link to the bill visit our Legislative/Legal tab on the website - 2020 Self Storage Bills - https://californiaselfstorage.org/page-18145/9136213

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