Place-Based Economic Strategies Act.

Existing law authorizes the Governor's Office of Business and Economic Development to develop content on its internet website or through other mediums to be used for public dissemination, through outreach activities, in order to provide information and resources to inform the general public about place-based and other geographically targeted economic development programs, including California Promise Zones and California Opportunity Zones. Existing law requires the Governor's Office of Business and Economic Development to convene, at least annually, representatives from various programs and agencies across the state, and from various federal programs and agencies, for the purpose of discussing how California can leverage Promise Zones and Opportunity Zones to meet state and local community and economic development needs. This bill would enact the Place-Based Economic Strategies Act, which would create the Office of Place-Based Economic Strategies, headed by the deputy director of the Office of Place-Based Economic Strategies, for the purposes of supporting place-based and other geographically targeted economic development programs, including, but not limited to, federal California Promise and California Opportunity Zones. The bill would require the office to serve as a liaison between community and economic stakeholders and the state agencies that oversee programs and offer services that are intended to finance and support business and economic development needs, as specified. The bill would also require the office to establish a process for identifying and publicizing public and private resources that are available to support Opportunity Zone investments, as specified, and to establish a process for addressing impediments to Opportunity Zone investments, as specified.