Salt Lake City is asking the public to provide input about which low-income census tracts should be considered for federal incentives to spur economic development. The City has given Salt Lake County its recommendations, but a public hearing will be held April 3 to discuss whether other areas should be included.
The areas would be designated as Opportunity Zones, which would make tax incentives available for communities that struggle with poverty and stagnant job and business growth. The program allows investors to re-invest their capital gains into a fund for Opportunity Zones.
Governors of each state can nominate 25 percent of its low-income census tracts for Opportunity Zones. Utah has 181 tracts that qualify, including 64 in Salt Lake County. Each city recommends which census tracts should be eligible.
The tracts include parts of the following neighborhoods:
- Poplar Grove
- Ball Park
- Central City
- Liberty Wells
- Northwest Quadrant
The Wasatch Front Regional Council, an organization of elected officials that provides transportation planning advice for the region, offered the following factors to be considered for Opportunity Zones: reinforces other government and private incentives to foster business activity; demonstrated success in other development programs; infrastructure and connections to markets to support new projects: and recently experienced significant layoffs due to business closures or relocations.
Anyone interested in learning more or providing input on other zones that should be included are invited to attend Salt Lake County’s public meeting on Tuesday, April 3, 2018 from 5:30 to 7 p.m. at the Salt Lake County Government Center in the South Building Atrium, 2001 South State Street, Salt Lake City. Salt Lake County officials will gather citizen input and respond to any questions on the program.
A map of the recommended areas is attached to this press release. More information about Opportunity Zones can be found here http://eig.org/opportunityzones.
About Salt Lake City Department of Economic Development: Formed in 2016, under the leadership of Mayor Jackie Biskupski, Salt Lake City’s Department of Economic Development is focused on building Salt Lake City as a vibrant, beautiful, prosperous, diverse, and authentic place – a place that is economically accessible to everyone. Known as the “Crossroads of the West,” Salt Lake City is strategically located for businesses to succeed. SLCDED works to streamline processes, provide excellent customer service, and offer an array of resources and services to recruit and retain businesses in the City, and ensure they have the tools to thrive.
Salt Lake City has recommended the following census tracts: