CMO: 460-10\KM\H:\Common\City Council\City Council Items\2026\070726\Attachment 2 Opportunity Zone Resolution
5 8
5 0
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
THOUSAND OAKS AUTHORIZING CITY PARTICIPATION
IN STATE OF CALIFORNIA’S OPPORTUNITY ZONES 2.0
NOMINATION PROCESS AND SUBMISSION OF LOCAL
AUTHORITY RECOMMENDATION FORMS FOR PRIORITY
CENSUS TRACT
WHEREAS, the federal Opportunity Zone program was originally established under the Tax Cuts and Jobs Act of 2017, to encourage the reinvestment of capital gains into economically distressed communities by offering preferential federal tax treatment for capital gains invested in qualified projects located within designated low-income census tracts; and WHEREAS, the program has been made permanent, substantially expanded through the federal One Big Beautiful Bill Act (OBBBA), and signed into law on July 4, 2025; and
WHEREAS, new federal census tract designations, known as “Opportunity Zones 2.0” (OZ 2.0), will take effect nationwide on January 1, 2027, and will remain in place for ten years; and
WHEREAS, the State of California, through the Governor’s Office of Business and Economic Development (GO-Biz) and the California Department of Finance (DOF), established a highly competitive state-level selection framework to nominate a statutory maximum of 618 census tracts out of 2,469 federally eligible areas statewide; and
WHEREAS, GO-Biz opened an intake portal utilizing the Local Authority Recommendation Form, allowing California municipalities a limited window from June 15, 2026, through July 25, 2026, to formally recommend and rank eligible local census tracts for designation; and
WHEREAS, Census Tract 06111007100, located within the incorporated boundaries of the City of Thousand Oaks, exhibits a distinct socioeconomic profile characterized by high population density, median household income roughly 50 percent lower than the citywide average, and poverty rate exceeding 18 percent, thereby meeting the federal baseline eligibility requirements for low-income communities; and
WHEREAS, Census Tract 06111007100 directly overlays the City’s Council-approved Downtown Core Master Plan (DCMP), which targets accelerated housing production, regional commercial and hospitality development, multi-family Regional Housing Needs Assessment (RHNA) compliance, and critical public infrastructure upgrades; and
ATTACHMENT #2
CMO: 460-10\KM\H:\Common\City Council\City Council Items\2026\070726\Attachment 2 Opportunity Zone Resolution
5 8
5 0
WHEREAS, securing an OZ 2.0 designation will serve as a vital economic engine for the City by attracting long-term, tax-advantaged private equity capital, stimulate local business growth, and improve the financial viability of complex urban revitalization projects; and
WHEREAS, the City Council finds that participating in the State’s nomination process and advocating for the designation of the City’s priority census tracts directly serves the public health, safety, and economic welfare of the residents of Thousand Oaks.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Thousand Oaks as follows:
SECTION 1. The recitals set forth above are true and correct and are incorporated herein by this reference.
SECTION 2. The City Council hereby authorizes full City participation in the State of California’s Opportunity Zones 2.0 nomination process and explicitly endorses the strategic pursuit of federal Opportunity Zone designations for eligible census tracts within the City.
SECTION 3. The City Council hereby designates Census Tract 06111007100 as the City’s highest-priority nomination due to its profound socioeconomic need and its direct alignment with the investment absorptive capacity of the DCMP.
SECTION 4. The City Manager, or their organizational designee, is hereby authorized and directed to execute and submit the formal GO-Biz Local Authority Recommendation Form(s), compile necessary economic and infrastructure advocacy data, and take all administrative steps required to advance the City's tract recommendations prior to the July 25, 2026, state deadline.
PASSED and ADOPTED this 7th day of July 2026, by the following vote:
Ayes:
Noes:
Absent:
________________________________
Mikey Taylor, Mayor
City of Thousand Oaks, California
ATTEST/CERTIFY:
________________________________
Laura B. Maguire, City Clerk
Date Attested: ____________________
CMO: 460-10\KM\H:\Common\City Council\City Council Items\2026\070726\Attachment 2 Opportunity Zone Resolution
5 8
5 0
APPROVED AS TO FORM:
Office of the City Attorney
________________________________
Rosemary Koo, Assistant City Attorney
APPROVED AS TO ADMINISTRATION:
________________________________
Andrew P. Powers, City Manager
The presence of electronic signature certifies that the foregoing is a true and correct copy as approved by the City of Thousand Oaks City Council on the date cited above.