Officially named the Mather Field/McClellan Park LAMBRA Zone, the installations were conditionally designated in June 1999.
The Trade and Commerce Agency oversees the LAMBRA program, created to stimulate job creation and development in areas experiencing military base downsizing and closure.
Since its inception in 1993, LAMBRA zones have assisted in the reemployment of 3,241 workers and the creation or expansion of 121 business locations.
Similar to Enterprise Zones, LAMBRA zones offer businesses a series of tax credits and inducements such as varied sales and use tax credits, expedited permit processing, and local incentives to benefit employers locating their businesses on closed military base property on or after July 1.
Today's event brings to fruition nearly three years of work by ARRA and the former Alameda Naval Air Station, which earned conditional LAMBRA designation in April 1997.
Alameda Point joins four other statewide LAMBRA zones: Southern California Logistical Airport in Victorville; Castle Airport in Atwater, Mare Island in Vallejo, and San Bernardino International Airport and Trade Center.
The Local Area Military Base Recovery Act of 1993 authorizes the state to designate five LAMBRA zones, one in each of five state defined regions.
The LAMBRA designation will encourage public investment in redeveloping base property and infrastructure.
Castle is the second military base to complete the LAMBRA process.