Washington State Governor Jay Inslee recently gave the green light to 139 requests from communities that wanted to create Opportunity Zones, including one from Federal Way.
Granting a specific census tract the status of an Opportunity Zone encourages job creation and further development by offering tax breaks to people willing to invest in the zone.
The Federal Way census tract that won the designation is located mostly in the city center, where dense development can be supported. The tract runs from the west side of I-5 to Pacific Highway's east side, and has approximately the same area zoned for housing as it does for commercial and retail development.
Among the opportunities within the new zone are 10 acres that are currently vacant, which could be part of a new development known as Town Center. Another six square blocks will be redeveloped in conjunction with the development of light rail; three of the six will be specifically geared toward private investors who are interested in projects oriented toward transit. In addition, 10 sizable parcels will be available for redevelopment.
The economic development director for Federal Way, Tim Johnson, says having this area designated an Opportunity Zone will enable the city to build businesses and projects that create jobs specifically for the people who live in the census tract, which has been traditionally underserved.
Matters like this are interesting but complex, so officials might consider working with a flyer printing company on a mailer for the area's residents.
