Qualified Opportunity Zones & Funds
Greetings from the Washington State Department of Commerce and National Development Council (NDC)!
As Fall begins, we want to provide you an update on all things Opportunity Zone (OZ) our team has been working on! Over the course of the summer, we have continued to build out our database of OZ projects across Washington State. So far, we've learned of over 40 community-driven projects and are beginning to identify the kinds of resources projects need to become investment-ready and get off the ground. In addition to identifying and supporting projects, we've been busy continuing to inform stakeholders across the state about the potential of OZ as a tool for community economic development. Continue reading for links to more OZ resources and exciting updates.
National Landscape: What is New with OZ?
- Rumor has it that Opportunity Zone regulations are expected to be finalized by the end of this year! We will share updates as they occur.
- The IRS published draft Form 8997 for Qualified Opportunity Fund (QOF) statements and issued an RFI for public comments (due by 12/2).
- The Securities Exchange Commission (SEC) and North American Securities Administration (NASAA) issued non-binding guidance on potential legal and compliance implications investors should be aware of when investing in Qualified Opportunity Funds.
- The IRS continues to update its OZ FAQ.
- OpportunityZones.gov is now Live! The White House Opportunity and Revitalization Council recently launched OpportunityZones.gov, a website that will serve as an Opportunity Zone information hub for cross-sector audiences across the country. The site includes an interactive map of the 8,764 OZs nationwide, links to OZ-focused websites for each state and territory, comprehensive tools and resources & more!
- The second round of proposed regulations announced earlier this year show promise for renewable energy projects in OZs, according to K&L Gates, due to investor ability to participate in leasing structures, improved ease of investing in operating businesses, and because new regulations have made it easier to manage investor privacy.
- Experts across the country are excited about how partnerships between the federal government and philanthropy can help build local capacity for OZ projects. Read more in this paper by Bruce Katz.
Spokane's 11 Census Tracts Designated are aligned with our Target Investment Areas
Clicking the images opens up Facts Sheets on each of our Spokane Zones
Lower South Hill & Medical District
University District (south of the Spokane River)
Sprague Union District
The Yard & Market St. Area
Portion of West Plains and International Airport
Opportunity Zone Funds and Projects Meetup!
The City of Spokane does not certify funds or projects and its recommend that funds and projects conduct research on each other. The City offers to post basic info with links to both funds and projects investing in our distressed zones here on our Opportunity Zone page. Please email us at firstname.lastname@example.org if you have a fund or project in one Spokane’s Zones to list.
Papillon Opportunity Zone Fund, a single-property fund centered on the Papillon Towers Development. The Papillon Towers Development is developing on Spokane's North Bank. The infill development focuses on reuse of an existing building, an adjacent mid-rise new tower to the east, and a high-rise tower with parking directly across the street to the north. The Papillon OZ Fund is offering an opportunity to other zone investors. Papillon Opportunity Zone Fund
Why these areas?
- Economically distressed residents
- Attracting investment
- Targeted Investment Areas
- Aligned with other incentive areas
- Partners in place Public Development Authorities and Business Improvement Districts
- Pipeline projects ready go
- Opportunities for new investment
Alignment with Strategic Plan
- Grow targeted areas – Invest in key neighborhoods and business centers; especially PDA's
- Marketing Spokane – Market Spokane's urban advantages and experiences to grow jobs and economic development
- Public amenities – Invest in key public amenities and facilities
- Regional collaboration – work collaboratively with regional partners