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Silicon Valley-Backed Green City Initiative Qualifies For Ballot

Banking regulators close Silicon Valley Bank

An initiative supported by Silicon Valley to construct a sustainable city for up to 400,000 residents in the San Francisco Bay Area has officially qualified for the Nov. 5 ballot, as confirmed by elections officials on Tuesday. Solano County's registrar of voters announced that a sufficient number of signatures had been verified, with California Forever, the organization spearheading the project, submitting well over the required 13,000 valid signatures.

The registrar is set to present the signature count results to the county Board of Supervisors in two weeks, following which the board may commission an impact assessment report. The proposed development would entail urbanizing 27 square miles of land between Travis Air Force Base and Rio Vista, currently designated for agricultural use.

The brainchild behind the endeavor is Jan Sramek, a former Goldman Sachs trader, who envisions a community featuring homes, employment opportunities, and a pedestrian-friendly downtown area. Notable backers of the initiative include philanthropist Laurene Powell Jobs and venture capitalist Marc Andreessen. Sramek disclosed that the campaign had already spent $2 million in the first quarter of 2024, with expectations of higher expenditures in the subsequent quarter.

However, the project has faced opposition from conservation groups and certain local and federal officials who criticize it as a speculative venture shrouded in secrecy. Sramek's acquisition of over $800 million in farmland, including legal action against farmers who declined to sell, has stirred controversy among residents. The Solano Land Trust, an organization dedicated to preserving open spaces, warned that such large-scale development could adversely affect the county's water resources, air quality, traffic, farmland, and natural surroundings.

Sramek anticipates a population of 50,000 inhabitants in the new city within the next ten years. The proposal encompasses an initial $400 million fund to assist residents in purchasing homes within the community, along with a commitment to create 15,000 local jobs offering a minimum annual salary of $88,000. Several companies specializing in aerospace and defense manufacturing, as well as indoor vertical farming, have expressed interest in participating should the project receive voter approval. Additionally, plans include the construction of a regional sports complex.

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