The company, which has spent nearly $1 billion on the acquisition over the past five years, has been shrouded in mystery, leaving many questions unanswered.
According to a report by The New York Times, billionaire venture capitalist Michael Moritz, along with other tech industry moguls, has been behind the purchase of the land. Their intention is to create a new city near San Francisco, within close proximity to Silicon Valley. The vision for this city is to transform the vast acres into a vibrant metropolis that is as walkable as Paris or the West Village in New York City. Additionally, the investors believe that this new city will provide employment opportunities for thousands of people.
In a note obtained by The Times, Moritz expressed his vision to a potential investor, stating, "Let me know if this tickles your fancy." This note, sent in 2017, sheds light on the early stages of the plan.
Flannery Associates entered the scene shortly after Moritz's note and has been aggressively purchasing farmland in the area. The company, which has little publicly available information, has pledged over $800 million to acquire thousands of acres of farmland, according to court filings. The company has made proposals to landowners, whether or not the land was up for sale, offering several times the market price.
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Jan Sramek, a former Goldman Sachs trader, is reportedly the mastermind behind Flannery Associates. Sramek has sought out investors from some of the biggest names in the tech industry, including Moritz, Reid Hoffman (co-founder of LinkedIn and Democratic donor), Chris Dixon and Marc Andreessen (investors at Andreessen Horowitz), John and Patrick Collison (founders of Stripe), Laurene Powell Jobs (creator of the Emerson Collective), Nat Friedman (former entrepreneur turned investor), and Andreessen Horowitz. The exact amount invested by each party has not been disclosed.
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Brian Brokaw, a representative for Flannery Associates, stated that the investment group is comprised of "Californians who believe that Solano County's and California's best days are ahead." He further mentioned that the team intends to collaborate with Travis Air Force Base, Solano County citizens, and government leaders in the coming weeks.
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The significant purchase of farmland has raised concerns among politicians who have been investigating the identity of the buyers for years. Flannery Associates, registered as an LLC in Delaware, is not required to disclose the identity of its owners due to state laws. The registered agent for Flannery Associates is The Corporation Trust Company in Wilmington, Delaware. This trust company registers itself as its own agent, effectively hiding any identifiable information. The Corporation Trust Company has received multiple written complaints, alleging that there is no one working for the entity, according to BBB ratings.
As the details surrounding Flannery Associates and its purchase of farmland continue to unfold, many are left wondering about the implications of this investment and the future of Solano County.
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