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Opportunity Zone Businesses Receive Key Support in Riverside County

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OPINION

By Stacy Cumberbatch — Content Contributor

While the Opportunity Zone tax incentive introduced at the end of 2017 has well known benefits on the real estate development side, a lesser known aspect is how businesses can take advantage of the incentive for their own benefit. Riverside County aims to change that, doubling down on efforts to attract investment capital and new job opportunities to the county by fully utilizing the tool as part of its overall strategy. 

First, a bit of context. The Opportunity Zone incentive was introduced in December of 2017 as a bipartisan act as part of the Tax Cut and Jobs Act, in essence, largely intended to be a job creation tool. Capital gains invested into the zones from the sale of real estate, stocks, or even cryptocurrency can receive attractive tax incentives including deferral, exemption, and exclusion of taxes for investing long term into the zones, with the maximum benefits coming from a 10 year investment period. In return, local communities, developers, and business owners can gain access to hyper local equity investments for development projects and business expansion. Now, in addition to seeking bank loans, or venture capital investments, Opportunity Zones capital is an entirely new source of capital with built in selling points to investors for project sponsors. Investors can be as small as local neighbors pooling gains or as large private equity funds or family offices, making the capital source truly ubiquitous. 

The zones were subsequently certified in June 2018, and guidelines around the legislation were released across three sets of regulations which took place between October 2018 to December 2019. With full clarity finally available, 2020 was poised to be a strong year for business investments into Opportunity Zones. Then a global pandemic hit in early February 2020, putting the world to a halt and leading the IRS to extend timelines for investment activity into the zones first to December 2020, and in January 2021, again extended relief to March 2021. In short, for individual investors with any capital gain event between October 4, 2019 and October 2, 2020, the deadline to invest could have been as long as a year versus the standard 180 days. 

Still, tremendous funds have been moved into the zones with estimates of equity raised by qualified opportunity funds (QOFs) tracked by Novogradac surpassing $15 billion at the end of 2020. More importantly, the number of investments in businesses is growing. NES Financial, a leading fund administration platform announced on its 2021 Trends report that after analyzing 300 QOFs there is a growing investment in operating businesses, up from roughly 20% of funds on their platform in 2018 to close to 32% in 2020. 

Businesses considering expanding in Riverside County are starting to notice this trend. Opportunity Riverside, an economic development advisory group focusing on Opportunity Zones and adjacent areas in the county, has been assisting and tracking both real estate and business projects in Opportunity Zones and has a current pipeline split almost 50/50. Some of the businesses preparing for Opportunity Zone capital range from an electric microgrid company in the Coachella Valley to a water desalination plant in the Salton Sea to an autonomous vehicle SaaS company with offices in Los Angeles and the Inland Empire. 

A huge opportunity ahead. For business owners, some of the incentives of being in an Opportunity Zone or relocating to one include:  

  1. You make your business more attractive to potential outside investors and can seek investments (tax incentivized investment opportunity)
  2. You have the potential to retain more ownership in your business when receiving investment from a Qualified Opportunity Fund (a bigger slice of the pie)
  3. You have your own capital gains and want to invest them into your business and receive tax benefits (invest in yourself) 
  4. You want to receive priority consideration for federal contracting opportunities (via OZ and HUB Zones overlaps– 44 of the 49 OZs are also Hub Zones)
  5. You want to defer duty payments on merchandise until it is entered into U.S. commerce (via OZ and Foreign Trade Zones overlaps– 11 of the 14 cities that contain OZ census tracts also contains Foreign Trade Zone census tracts)
  6. You want preference points or priority consideration for grant opportunities (over 300 grants & programs aligned to OZs, some restrictions apply–nonprofit and/or local government partnership required in most instances)*
  7. You want to bring jobs into and impact a historically under-invested community that has been designated an OZ (impact investment / do good & do well)*
  8. You want to be in potential future paths of progress (following the zones)*

In fact, Blake Christian, CPA Partner with HCVT states that “Riverside County represents one of the top counties in the U.S. to start or move an OZ business into due to existing OZ buildings and infrastructure, large tracts of undeveloped land, excellent demographics, and very pro-business leadership. Due to the very flexible final regulations it is relatively easy to meet the OZ tests and entrepreneurs can start, acquire or move an existing business into an OZ census tract and begin the OZ tax-free period. Furthermore, Internal Revenue Code Section 1202 (Qualified Small Business Stock) can offer added flexibility for businesses in certain industries.

To qualify as a Qualified Opportunity Zone Business (QOZB), a few criteria have to be met according to IRS regulations including: 

  1. Be located in one of the 49 Opportunity Zone census tracts in the county
  2. 70% of tangible property owned or leased must be located within the zones and acquired after December 2017
  3. 50% of total gross income must be derived from active business conducted in the zones
  4. 40% of intangible property must be used in the zones
  5. Additional tests for Non Qualified Financial Property (e.g. stocks, bonds, and long-term notes) and sin businesses apply
  6. Additional tests for timeliness of use of funds and working capital safe harbors apply
  7. Additional investment criteria/underwriting may apply varying by investor

What’s Next in Riverside County. Given the number of tests needed to qualify as a QOZB, specialized CPAs and Attorneys are always needed in the process. To connect businesses and projects needed with the resources needed to complete deals, Blended Impact Labs, a venture development firm and innovation lab, is hosting a series of webinars in the month of April as part of Riverside County Innovation Month to focus on supporting businesses expanding and raising capital in Opportunity Zones with access to investors, CPAs, state and local resources, and more. 

Stacy Cumberbatch, Managing Director of Blended Impact Labs, adds “Riverside is unique in the variety of industries we support that would be ideal for Opportunity Zone investments. From life sciences labs and R&D anchored by UCR in opportunity zones in the west, to clean energy, agritech, and manufacturing businesses in zones in the central over to the east, our geography supports a wide range of possibilities for business expansion and gives investors great diversity in options. Additionally, local leaders have coalesced around key growth areas including sustainable logistics, cyber security, air emissions and environmental technology, and advanced manufacturing creating a welcome environment for businesses seeking to relocate to Southern California and grow their business.”

Interested businesses are invited to join the upcoming webinar series: 

  • April 7th: Opportunity Zones for Expanding Businesses
  • April 14th: Opportunity Zones, A Founder’s Perspective Raising Funds
  • April 21th: Inland Empire Innovation Ecosystem Report Launch 
  • April 28th: Opportunity Zones, Developer Roundtable

RSVP for any of the webinars here: https://www.opportunityriverside.com/news/march-21-newsletter

*Information within does not constitute tax or legal advice. Please consult with your tax advisor for specific advice.*

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Morongo Invests in Inland Empire Sports and Entertainment with New Baseball Partnerships

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Deal with Ontario Tower Buzzers and Rancho Cucamonga Quakes strengthens community engagement and fan experience

The Morongo Casino Resort Spa, the Ontario Tower Buzzers and the Rancho Cucamonga Quakes have announced a new partnership by which Morongo is now the presenting sponsor of the Tower Buzzers and the official field naming sponsor at the Quakes’ Epicenter Stadium.

Under the multi-year agreement, Morongo is now the “presenting sponsor of the Ontario Tower Buzzers,” the new Minor League affiliate of the 2025 World Series Champion Los Angeles Dodgers. Additionally, the home of the Quakes has been renamed the “Morongo Field at the Epicenter” strengthening Morongo’s connection to sports fans across the Inland Empire.

The innovative collaboration marks a fresh advancement in the Morongo Casino’s ongoing investment in entertainment and recreation in the Inland Empire.

“Baseball is America’s pastime because of its power to bring people together,” said Morongo Tribal Chairman Charles Martin. “We are thrilled to join with the Ontario Tower Buzzers and the Rancho Cucamonga Quakes to celebrate this tradition while creating new opportunities for families across the Inland Empire to enjoy the excitement of the game.”

“At Morongo Casino Resort Spa, our brand is built on delivering exceptional guest experiences centered on entertainment, excitement, and memorable moments,” said Mike Bean, Chief Executive Officer of Morongo Casino Resort & Spa. “Partnering with the Ontario Tower Buzzers and the Rancho Cucamonga Quakes reflects that same commitment as our three organizations work to create energy, community pride, and unforgettable experiences for fans.”

“This partnership is a great example of what makes Minor League Baseball so special — bringing together strong community partners, great organizations, and unforgettable fan experiences,” said Diamond Baseball Holdings West Region Vice President Ben Taylor. “Morongo’s commitment to entertainment and community aligns perfectly with our vision for both the Ontario Tower Buzzers and the Rancho Cucamonga Quakes. We’re excited to see this collaboration elevate the experience for fans across the Inland Empire.”

The partnership debuted during a pair of special events celebrating the start of the 2026 season.

  • On April 2, Morongo joined the Ontario Tower Buzzers for the ribbon-cutting ceremony for the beautiful new ONT Field, which was followed by the ball club’s first-ever season opener before a sold-out crowd as the team took flight on its inaugural season.
  • On April 3, fans enjoyed Morongo Diamond Nights where the Rancho Cucamonga Quakes unveiled Morongo Field at the Epicenter during a special game-day celebration.

The Ontario Tower Buzzers brand reflects the city’s proud aviation heritage and its close connection to Ontario International Airport. The team’s name and their mascot, Maverick, evoke the adrenaline and daring of aviation’s most thrilling flybys while celebrating the airport control tower that has guided thousands of flights into Ontario. Inspired by that spirit of precision and innovation, the team’s name captures the city’s can-do attitude.

Launched in 1993, the Rancho Cucamonga Quakes have been one of Minor League Baseball’s most beloved franchises, building a loyal fan base and a reputation for family-friendly entertainment at the Epicenter. As the Minor League affiliate of the Los Angeles Angels, the club has earned three California League championships (1994, 2015 and 2018) while creating lasting memories for local baseball fans. The newly named Morongo Field at the Epicenter marks an exciting new chapter for the ballpark and the community that has supported Quakes baseball for decades.

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Unisource Solutions Grows Its Inland Empire Presence with the Addition of TOTALPLAN Business Interiors

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Southern California’s leading workplace design and furnishings resource deepens its regional presence by uniting with a 57-year Inland Empire institution. 

Unisource Solutions, California’s Haworth Best in Class dealership and a comprehensive  workplace design resource, has announced the acquisition of TOTALPLAN a fixture of the  Inland Empire business community since 1969. The strategic partnership brings together  two organizations with a combined heritage of more than 80 years of expertise, unifying  their complementary strengths to better serve businesses, architects, and interior  designers across the Inland Empire. 

Founded in 1987, Unisource Solutions has built its reputation as far more than a furniture  dealer. The company operates as a full-service design resource — offering space planning, workplace strategy and analytics, installation services, project management, and custom furnishings through its in-house brand, Platform by Unisource Solutions. With access to more than 300 manufacturers, Unisource serves clients across corporate, healthcare, higher education, and financial sectors. 

TOTALPLAN has spent more than five decades cultivating trusted relationships with  businesses of all sizes throughout the Inland. Under the leadership of owner Denny  Fosdick, TOTALPLAN earned a reputation for quality service, community investment, and a deep understanding of the regional market. 

“For over 57 years, TOTALPLAN has been dedicated to providing exceptional workspace solutions throughout the Inland Empire and beyond. Now, we’re excited to join forces with Unisource Solutions. This partnership brings together our deep community roots with Unisource’s extensive resources and capabilities. I’m proud to pass the torch to a fellow Inland Empire resident who understands this community and will carry on the legacy we’ve built here.”  —Denny Fosdick, Owner, TOTALPLAN Business Interiors 

Jamal Nasserdeen, President of Unisource Solutions, who grew up in the Inland Empire,  expressed the personal significance of the acquisition and its implications for Unisource’s  long-term growth strategy in the region. 

“Growing up and living in the Inland Empire, it’s a true honor to build on the tremendous 57-year legacy that Denny and his team have established. This partnership marks a pivotal moment in our growth journey, significantly expanding our capabilities throughout the region and strengthening our position as Southern California’s premier workplace solutions provider. It’s a privilege to bring TOTALPLAN into the Unisource Solutions family.”  — Jamal Nasserdeen, President, Unisource Solutions 

The partnership also carries the endorsement of Haworth, the globally recognized  furniture manufacturer for which Unisource holds its Best-in-Class dealer designation.  Tom Peyton, Haworth’s Regional Vice President for the West Region, noted that the  partnership reinforces the strength of Unisource’s regional coverage and honors the  trusted relationships TOTALPLAN has spent decades building. 

The combined organization now brings a unified offering across workplace design, multi brand furniture sourcing, custom fabrication through Platform by Unisource Solutions,  and comprehensive facilities services including delivery, installation, reconfiguration, and relocation support. Clients across architecture, interior design, and corporate facilities teams will benefit from a single, deeply resourced partner capable of supporting  projects from initial concept through move-in. 

For businesses in the Inland Empire seeking to transform their workspaces, the new  partnership signals expanded local access to a nationally capable team, one that is deeply  invested in the communities it serves. 

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Ontario Set to Open Newest Play Street Museum Location

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A children’s museum and indoor play area that lets imaginations wander open soon to local community 

Play Street Museum, an interactive children’s museum and indoor play area purposefully designed to encourage a young child’s sense of independence, exploration, and creativity, will be opening its newest franchise location in the coming weeks in Ontario, California. Locally owned by Teresa and Sergio Carreras, the coming location marks a key milestone in an expanding franchise program, with its first location in California. 

“We’re thrilled to bring the newest Play Street Museum to Ontario for our local community to enjoy,” shared Teresa and Sergio Carreras. “After visiting Play Street Museum with our grandchildren, we knew we had to bring a location to California, and we’re excited to share it with the community and hope it serves Inland Empire families in big ways.” 

“We’re proud empty nesters and even prouder grandparents of five wonderful grandchildren. Becoming grandparents has been one of the greatest joys of our lives. This season of life has given us the opportunity to slow down and truly savor the wonder of childhood again,” continued Carreras. “We look forward to welcoming local families, schools, and community groups to experience everything the new Play Street Museum has to offer.” 

Teresa and Sergio Carreras believe children learn best when they’re having fun and can touch, build, pretend, and explore. Every exhibit at Play Street Museum Ontario is designed to spark curiosity, creativity and confidence. Whether children are running a pretend grocery store, experimenting with simple science, creating art, or climbing into imaginative worlds, children are learning skills that will stay with them for a lifetime. “This space is not just for kids. It’s for grandparents who cherish story time in a cozy corner. For parents who light up watching their child try something new. For caregivers who treasure the laughter and togetherness of play,” shared Carreras. 

Play Street Museum offers an expansive, rotating curriculum at each location specifically designed for children under nine years of age. Everyday and every week is different at Play Street Museum, providing motivation and justification 

for a scheduled time in families’ busy calendars. Play Street Museum Ontario also offers one-of-a-kind birthday parties, complete with comprehensive themes and options for parents from “Do-It-Yourself” to “Sit Back & Relax”, in addition to special events and activities during evenings and weekends. 

In Scientific American’s article, “The Need for Pretend Play in Child Development”, Yale professor Dr. Scott Barry Kaufman summarized the last 75 years of research by declaring imaginative play as a “vital component to the normal development of a child.” By narrowing the focus of Play Street Museum and its indoor play areas to the interests and imaginations of children eight and under, young explorers discover educational exhibits and activities in a world specifically crafted just for them. The deliberate and manageable scale enables children to self-navigate throughout the children’s museum and indoor play area to engage deeply in activities about which they are most interested and passionate. This freedom reinforces independence in the child and also has the benefit of creating a more relaxed and accommodating museum experience for the caregiver. 

“Play Street Museum is thrilled to welcome and open the Ontario location soon with our incredible partners, Teresa and Sergio Carreras. As parents and grandparents, they understand the powerful impact of play and intentionally sought to bring its benefits to this part of the Ontario area. They’ve taken their passion for children, education, and play and applied it to building a dynamic, local business that will support the health and well-being of their own community,” commented Play Street Museum Founder and CEO, Courtney Muccio

Located at 910 North Haven Avenue, Suite 150, the new Ontario location makes the extensive, and well researched benefits of play easily accessible to the local community. The museum’s team of highly knowledgeable associates can provide guidance on additional opportunities to expand the play and learning, either on site or at home, from corresponding activity kits, to pottery, to slime kits, to sensory kits. Customers can also book their play time in advance in addition to schedule birthday parties or private events. 

Families and customers can visit 

https://www.ontario.playstreetmuseum.com/ to book playtime, birthday parties, field trips, and to check out special events. 

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