Amid a recent snowstorm that blanketed Travis Air Force Base, California, U.S. Air Force KC-10 Extenders are lined up on the tarmac, providing a backdrop to the unfolding mystery. The Air Force base has been caught in intrigue as a mysterious company, Flannery Associates, made significant land purchases near the base in Solano County, raising eyebrows and generating questions.

The veil of secrecy surrounding Flannery Associates, which amassed thousands of acres in Solano County, has been lifted to reveal a group of influential Silicon Valley figures as its investors.

With over $800 million spent on acquiring 140 properties in Solano County over the past five years, Flannery Associates attracted attention from local politicians and various federal government agencies. The company claimed its intention was to construct an entirely new city, igniting curiosity about its funding sources.

The New York Times recently unveiled the identities of the investors, disclosing that the backers of Flannery Associates include Laurene Powell Jobs, the owner of The Atlantic and the widow of Apple co-founder Steve Jobs, as well as Andreessen Horowitz, a venture capital firm located in Menlo Park that has supported notable Silicon Valley enterprises like Skype and Lyft.

An insider familiar with the project verified the list of investors for the Chronicle. However, the individual’s identity remains confidential due to the lack of authorization to communicate with the media.

Jan Sramek, a former Goldman Sachs trader according to LinkedIn, is credited as the original visionary behind the idea. His goal was to establish a new city between Fairfield and Rio Vista, as indicated by both a recent poll distributed to Solano County residents and a 2017 proposal reviewed by the Times.

The flurry of land acquisitions has propelled Flannery Associates into one of the Bay Area’s largest real estate portfolio holders, with support from some of the world’s most astute investors. However, the complex and politically sensitive nature of land-use policies in the region and California implies that realizing this vision could take decades, if it ever materializes. The potential for resistance from anti-growth activists, environmentalists, and local politicians and voters adds to the challenges of creating a new city from scratch in California.

Venture capitalist Michael Moritz, formerly associated with Sequoia Capital and with a net worth of $5.2 billion according to Forbes, circulated the initial pitch in 2017. Moritz is also a key financial supporter of the San Francisco Standard news website.

In addition to Moritz and Powell Jobs, the project received funding from Reid Hoffman, co-founder of LinkedIn, Patrick and John Collison, co-founders of Stripe, as well as independent investors Daniel Gross and Nat Friedman, according to the Times. Friedman is also a co-founder of California YIMBY, an advocacy group supporting housing initiatives.

Chris Dixon and Marc Andreessen, general partners at Andreessen Horowitz, are also personally endorsing the company in addition to their firm’s support.

Previously, a lawyer for Flannery Associates informed the Wall Street Journal that the company was financially backed by “a group of families seeking to diversify their portfolio from equities into tangible assets, including agricultural land.” The lawyer clarified that 97% of the capital originated from U.S. investors, while the rest came from British and Irish investors.

Brian Brokaw, spokesperson for Flannery Associates, emphasized that the investors “have a deep concern for the future of Solano County and California and believe that their most prosperous days lie ahead.”

Brokaw stated, “We take pride in collaborating on a project that seeks to provide Solano County residents with opportunities for well-paying jobs, affordable housing, clean energy, sustainable infrastructure, open spaces, and a healthy environment. We are enthusiastic about engaging with residents, elected officials, and Travis Air Force Base to work towards realizing these aspirations. Our discussions will commence next week, and we eagerly await the sharing of further details.”

Representatives John Garamendi and Mike Thompson, Democratic lawmakers representing the area where the land acquisitions occurred, have been actively drawing attention to this matter in recent months and years. Both legislators received classified briefings from the Treasury Department and the FBI in recent months regarding the land purchases, according to statements provided to the Chronicle.

Garamendi recalled that he initially became aware of the issue four years ago when commanders at Travis Air Force Base informed him that land adjacent to the base’s fence on three sides was being purchased by an unknown entity. Thompson’s awareness of the land acquisitions began in early 2023 when concerned constituents approached him.

Subsequently, Thompson sought the involvement of the Defense Department, FBI, and Treasury Department, as it became evident that the entity purchasing the property was not interested in collaborating with local officials or citizens in Solano County.

The unveiling of the situation’s details only occurred this week. “Before this week, there was no information available regarding the origin of the funds and the individuals behind it,” Garamendi stated. A firm representing Sramek recently reached out to Garamendi’s office to request a meeting.

Both legislators received invitations to meet with representatives of the group this week, although these meetings are yet to be scheduled, as indicated by their spokespersons. Prior to these invitations, both representatives faced challenges in obtaining information about the group’s backers, despite repeated attempts.

Thompson anticipates meeting with Flannery’s representatives sometime next week, as stated by his spokesperson, Jack Stelzner.

In July, both lawmakers introduced legislation aimed at granting the federal government the authority to oversee real estate purchases near military bases, national security sites, and critical infrastructure by foreign adversaries. Garamendi further introduced an amendment to a national defense authorization bill, requiring the military to issue guidance on identifying and mitigating “harmful encroachment near military installations.”

Despite this newly revealed information, concerns related to Travis Air Force Base’s security persist, according to Garamendi. “Travis Air Force Base handles more personnel and material than any other air force base in the United States,” he emphasized, highlighting the ongoing significance of addressing this issue.

Source: with agencies