North Bay Business Journal
By Chase Difeliciantonio
July 23, 2019
An official of the governor’s economic development team Tuesday toured the cavernous hangers where workers turn out premanufactured homes in what once was a Naval shipyard.
“We’re very interested in regions of the state that are trying to help create new opportunities for the residents, both in terms of jobs creation and housing production and in terms of good community engagement,” said Chief Economic and Business Advisor and head of the Governor’s Office of Business and Economic Development Lenny Mendonca before touring the Mare Island facilities of Factory_OS in Vallejo.
Abandoned as a naval shipyard in 1996, Mare Island’s large facilities lay dormant for years. But activity has picked up as some businesses returned. The island is designated an opportunity zone, which are government-designated, economically disadvantaged census tracts where financiers can invest capital gains like stock payouts through pools called opportunity funds.
In return, they receive tax breaks that improve the longer they keep their money in an investment. Opportunity funds are required to hold 90% of their assets in qualified opportunity zone property.