Placement: New Business
Action Requested: Motion / Vote
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Amend the Federal Program to Incorporate Additional Eligible Opportunity Zones
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Submitted By: Kate Parmelee, Deputy City Manager/Chief Innovation Officer
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Executive Summary (General Business): The current federal program includes advocacy for an Opportunity Zone at the Walton & One site. In addition to advocate for its designation staff recommends nominating additional census tracts recently made eligible by the U.S. Treasury's recently released eligibility maps.
Presentation Information: A 10-minute presentation will be provided by staff.
Staff Recommendation: Move that the Council nominate the following Census tracts, in order of priority: City of Port St. Lucie Opportunity Zone Priorities 1. Census Tract 381802 (includes Walton & One redevelopment site) 2. Census Tract 382010 (includes some of the Port District and US 1) 3. Census Tract 382015 (includes areas along Port St. Lucie Bouelvard to the Turnpike).
Alternate Recommendations:
1. Move that the Council amend the recommendation and nominate the following Census tracts, in order of priority: City of Port St. Lucie Opportunity Zone Priorities 1. Census Tract 381802 (includes Walton & One redevelopment site) 2. Census Tract 382010 (includes some of the Port District and US 1) 3. Census Tract 382015 (includes areas along Port St. Lucie Bouelvard to the Turnpike)
2. Move that the Council provide direction.
Background: According to the U.S. Treasury and Florida Department of Commerce, Opportunity Zones are economically distressed communities, defined by individual census tract, nominated by America's Governors, and certified by the U.S. Secretary of the Treasury via their delegation of authority to the Internal Revenue Service. Under certain conditions, new investments in Opportunity Zones may be eligible for preferential tax incent...
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