Governor's Office of Business and Economic Development: local economic development liaison services.

Existing law establishes the Governor's Office of Business and Economic Development in state government. Existing law requires that the office serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. Existing state regulation defines a "Federal Promise Zone" as any area with a continuous boundary and a population of not more than 200,000 that is nominated by a local government or Indian tribe and designated by the United States Department of Housing and Urban Development to receive priority for federal funding on the basis of its unemployment, poverty, vacancy, and crime rates. Existing federal law allows for the designation of certain census tracts as opportunity zones, and provides that specified investments in these zones receive beneficial tax treatment. This bill would authorize the Governor's Office of Business and Economic Development to develop content on its Internet Web site 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, but not limited to, California Promise Zones and California Opportunity Zones, as defined. The bill would require 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, as provided.