Positioning Downtown Chico for its next wave of private investment.

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Purpose 

Downtown Chico’s long-term vitality depends on private reinvestment — in buildings, housing, office space, gathering places, and catalytic mixed-use projects.

To compete for capital in today’s economic climate, downtown must be more than available — it must be prepared.

The Investment Ready initiative focuses on positioning downtown as a predictable, streamlined, and strategically aligned environment for responsible private investment.

Goal

To ensure Downtown Chico is not waiting for investment — but actively prepared for it. Investment Ready means:

• Clear standards

• Predictable processes

• Documented opportunity

• Incentives and capital opportunities

• Coordinated leadership

 

Opportunity Zone 2.0 Designation

PBID will request the City of Chico to submit an application to the Governor for Census Tract 06007001000 which includes downtown to be one of 600 Census Tracts submitted by the Governor to the Federal for final designation as an Opportunity Zone 2.0 effective January 1, 2027.

 

Why? Downtown Chico cannot rely on organic reinvestment alone in today’s economic climate. An Opportunity Zone 2.0 designation would allow the community to leverage federal tax incentives to attract new equity capital into strategic downtown projects. This tool can help bridge financing gaps, stimulate redevelopment, and encourage investment in housing, commercial spaces, and catalytic mixed-use developments. OZ 2.0 is not a guarantee of capital — it is a competitive advantage. Securing designation would position downtown to compete nationally for investment dollars that are already seeking qualified locations.

 

How? PBID would collaborate with the City (and others) in preparing the application which requires:

• Demonstrating economic need and eligibility

• Identifying a credible 7–10 year investment pipeline

• Documenting potential capital investment and job creation

• Confirming infrastructure capacity

• Preparing a structured “deal shelf” of real projects

• Securing local and regional support

 

Streamlined & Predictable Development Pathways

Investment follows clarity and predictability. PBID would initiate discussions with the City to explore obstacles and barriers that caused delays in permitting and perceptions of difficulty in the permitting process. Items could include clear permitting timelines, pre-application coordination pathways, development scenario checklists, early identification of design and zoning expectations The focus is not deregulation, but predictability and preparedness.

 

Strategic Investment Focus Areas

Investment Ready participants will also examine how downtown can better support:

• Upper-story housing and mixed-use redevelopment

• Office and flexible workspace conversions

• Hospitality and gathering spaces

• Catalytic projects that increase foot traffic and daytime activity

• Adaptive reuse of underutilized buildings

This includes identifying infrastructure capacity, zoning alignment, and potential incentive layering where appropriate.