The City of Vancouver intends to apply to nominate certain areas in the city as Opportunity Zones.
The Opportunity Zones Program was included in the tax reform bill that was recently enacted, and is designed to give businesses incentives to invest in communities that are traditionally underserved.
Under the program, investors are allowed to defer tax payments on capital gains, provided those monies are invested in specific funds designated as opportunity funds. These are funds that will be invested in areas, defined by their status as census tracts, and designated as Opportunity Zones by state governors. As many as 25% of eligible low-income tracts can be designated Opportunity Zones by the governor.
In Vancouver, at least to start, the census tracts under consideration for designation as Opportunity Zones are the city's downtown, and some of the area along Fourth Plain, particularly along the route served by The Vine rapid transit bus. Vancouver's economic development manager, Teresa Brum, says the city is working with the Columbia River Economic Development Council to finish the application. The agencies are also hoping to organize a coalition of local businesses to become partners in supporting the effort.
Issues like this are complex and have the potential to affect many people, so officials might consider working with a brochure printing company to create pamphlets explaining the effort to residents.
