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Economic Development

In a post-redevelopment California, creative and effective Economic Development strategies and projects are essential to the prosperity of cities, residents and businesses. With decades of experience Kosmont Companies designs and implements economic development strategies and projects. We have successfully assisted hundreds of public agencies to retain and expand local jobs, attract and retain businesses, select and structure public-private real estate projects, create special financing districts, and enhance land use plans (via General and Specific Plans) to include incentives that can attract private investment.

Urban Development & Downtown Revitalization

Cities are reimagining the viability of their aging downtowns and are seeking to create a sustainable center for their communities. People are seeking housing in and adjacent to city centers and many businesses prefer to be close to qualified workers. Long distance commutes based on lack of affordable housing located near job centers continues to be a concern for cities and counties. Kosmont works closely with public agencies and economic development associations in positioning and developing opportunity sites through private sector outreach, tenant attraction/retention programs and incentivized deal structures including public/private financing.

Moving Projects Forward

Kosmont assists communities in jumpstarting development projects. We focus on leveraging local government financing structures and innovative post-redevelopment tools to provide the assistance needed to keep development projects on track. Kosmont also advises public agencies on how to obtain state and federal funds, identify viable opportunity zone projects and promote opportunity sites to induce private sector projects.

Entitlement Snapshot

As a developer or landowner, you often want to know how to get approvals for a project, whether or not you go forward with the process. Our “Entitlement Snapshot” outlines where you are with zoning and land use approvals, where you want to be, and what needs to be done to get there. Our Entitlement Snapshot report also assesses the likelihood of gaining project approval and identifies likely timeframes.

Due Diligence Report

Every site selection process begins with a basic due diligence review of each property under consideration. Kosmont offers a comprehensive evaluation and summary that will specifically alert you to fatal flaws in a project that could make or break your decision to buy, sell, ground lease and/or develop.

Development Programming and Strategy

With experience in development, land use planning, CEQA, real estate economics, market research, and financial modeling, Kosmont provides general guidelines for development programming considering a blend of uses such as retail, office, residential, hospitality, industrial and civic. We optimize site concepts by screening for public agency preferences and dislikes. Our experienced real estate professionals employ relevant urban formats, sustainability and environmental features into an overall project.

Kosmont Companies is a leader in Economic Development Strategies and Plans that shape community visioning, policy and land use blending of residential, retail, hospitality, office, industrial, transportation based and civic infrastructure projects.  We have successfully assisted hundreds of municipalities in revitalizing and upgrading communities and neighborhoods. With over 33 years of providing advisory services to the public sector, Kosmont can design and implement a sustainable economic development strategy which is project and solutions oriented. We efficiently identify market and investment trends that produce competed projects which add jobs, taxes and community amenities.

As cities in California become denser and more strained for resources, the need to structure incentives and transactions that are accretive to both the public and private sectors is essential. We recognize the powerful social and economic benefits of community development. Kosmont is committed to bringing public, private, and non-profit organizations together in meaningful real estate transactions that serve the long-term needs of communities.

Kosmont Companies is a leading firm on evaluation and formation of EIFDs and CRIAs and is currently assisting multiple communities in various stages of EIFD/CRIA district adoption.

EIFDs and CRIAs were introduced by the California Legislature from 2014-2015, enabling a new tax increment program for financing infrastructure and economic development in California. The statutes authorize creation of districts by a local city or county.

  • Enhanced Infrastructure Financing Districts (EIFDs) (SB 628/AB 313/AB 1568/SB 1145/SB 961)
  • Community Revitalization and Investment Authorities (CRIAs) (AB 2/AB 2492)
  • Infrastructure and Revitalization Financing Districts (IRFDs) (AB 229)
  • Affordable Housing Authorities (AHAs) (AB 1598/AB 2035)

Kosmont Companies is helping communities and private investors use the Opportunity Zone program to bring investment to qualified OZ communities.

The Tax Cuts and Jobs Act of 2017 created the Opportunity Zones (OZ) program to unlock unrealized capital gains by incentivizing private sector investment and development in low-income census tracts. California’s 879 Opportunity Zones represent ~10% of the national market and are spread across every county in the state.

Opportunity Zone investments allow investors to:

  • Defer federal taxes on any recent capital gains until December 31st, 2026;
  • Reduce that tax by up to 15%; and,
  • Pay as little as zero taxes on potential profits from a Fund if the investment is held for 10 years.

Kosmont Companies helps cities meet local, regional, and state climate action goals through land use and housing strategies that promote sustainability.

Land use planning and economic development project implementation must be targeted to comply with statewide climate action, housing, and sustainability goals. Kosmont is assisting public and private sector clients to utilize the momentum of state policy and related legislative tools to implement successful real estate and economic development at the local level.