Jessica Fisher, Public Information Assistant, 509.625.6749
Thursday, August 9, 2018 at 10:15 a.m.
Last month, 90 investors, developers, accountants, and bankers filled the Spokane City Council Chambers to talk about Qualified Opportunity Zones. The room was buzzing with excitement as attendees chatted about potential investments and identified needs within the Spokane community.
Speakers from the Federal Reserve Bank of San Francisco and City of Spokane held an Opportunity Zone Listening Session where they discussed all of Spokane County’s eleven census tracts (all of them touch the City of Spokane) designated as Qualified Opportunity Zones.
The IRS defines an Opportunity Zone as, “an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation authority to the Internal Revenue Service.”
Spokane’s qualified zones include census tracts within all our designated targeted investment areas:
Opportunity Zones are designed to spur economic development by providing tax benefits to investors aligning very well with the targeted investment strategy of the city. Each of these areas are up-and-coming and will benefit from investments.
“I am excited to have these zones because they have the potential to create opportunities for all kinds of people and businesses,” said University District CEO Lars Gilberts. “Owners of small businesses and properties all the way to big national companies have the chance to do more with what they have. This will draw and keep investment in areas like the University District with some of the biggest potential for investment that also most needs jobs and revitalization it will produce.”
If you would like to learn more about Opportunity Zones visit our website!