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Six Census Tracts in Tacoma Granted Opportunity Zone Status

Six Census Tracts in Tacoma Granted Opportunity Zone Status

FOR IMMEDIATE RELEASE

April 20, 2018

MEDIA CONTACTS

Tanisha Jumper, Media and Communications, tjumper@cityoftacoma.org, (253) 591-5152
Maria Lee, Media and Communications, maria.lee@cityoftacoma.org, (253) 591-2054

 

Six Census Tracts in Tacoma Granted Opportunity Zone Status 

--Designation Provides Federal Tax Incentives for Development--

Tacoma, Wash. – Gov. Jay Inslee today approved six census tracts in Tacoma for Opportunity Zone status, allowing for special federal tax breaks encouraging development and job creation. 

Census Tract       Location
61400       Hilltop—S. 7th to 19th from L to Court F including MLK
61601       Old City Hall area—N. 5th to S. 15th from Court F to west side of Dock Street
62600       Tacoma Mall/Nalley Valley area—Generally Center Street to S. 66th from Tyler to South Tacoma Way and from Oakes to I-5
61602       UWT/Brewery District—S. 15th to I-5 from Court F to west side of Dock Street
62400       Lincoln District area—S. 38th to S. 56th from Park to SR-7
940007
      East Tacoma—I-5 to S. 38th from East M to the city limits

 Opportunity Zones

 

“We are pleased to receive these designations,” said Mayor Victoria Woodards. “The location of six Opportunity Zones in Tacoma will offer a boost to our local economy, help us create living wage jobs, and facilitate additional development and investment.” 

The Opportunity Zone program was a bipartisan proposal in Congress incorporated into the U.S. Tax Cuts and Jobs act, allowing the governor of every state to designate up to 25 percent of eligible census tracts as Opportunity Zones. Investments made through special funds in these zones will be able to defer or eliminate federal taxes on capital gains.

To qualify for Opportunity Zone status, a census tract must have an individual poverty rate of at least 20 percent and median family income up to 80 percent of the area median. A total of 555 census tracts in Washington met the eligibility criteria, though only 139 could receive the designation

“These designations will strengthen our communities by encouraging capital investment as we work to bring sustainable growth to Tacoma,” said City Manager Elizabeth Pauli. 

“As we gather more specifics about what this means for Tacoma, we will be reaching out to the development and investment community to determine next steps,” said Acting Community & Economic Development Director Kim Bedier. 

 

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More information about the City’s Community and Economic Development Department is available at cityoftacoma.org/ced or MakeitTacoma.com. More information about the City’s progress toward its Tacoma2025 goals is available on the Results253 page at data.cityoftacoma.org.