This content was originally published by the Longmont Observer and is licensed under a Creative Commons license.
On March 23, 2018, Governor Hickenlooper and the Colorado Office of Economic Development & International Trade announced the nomination of 126 Opportunity Zones across Colorado that will be eligible for new federal tax incentives established in the recently enacted Tax Cuts and Jobs Act of 2017.
Opportunity Zones are a new economic development strategy to encourage long-term investments in low income areas, as determined by US Census data. States were able to nominate 25% of eligible census tracts. Opportunity Zones provide a tax incentive for investors to reinvest their unrealized capital gains and to put that money to work in low-income urban and rural communities.
Of the 126 nominated census tracts in Colorado, two are located in Longmont. It was through the work of Longmont Economic Development Partnership(EDP), and the support of local property owners, investors, and many of our Advance Longmont Partners, that Longmont was able to leverage this opportunity for our community.
A map of Longmont’s nominated census tracts can be found here.
The nominated area comprises strategic investment and redevelopment areas such as our Downtown district including 1st & Main, much of the St. Vrain Blueprint area, and the Sugar Mill site to name a few.
"As we work together as a community to address the important issues facing us around workforce and affordable housing development, transportation, redevelopment, flood recovery, entrepreneurial activity, and quality job creation, Opportunity Zone designation in these key areas of the city will be a tool that we can leverage to bring both the public and private sectors together to collaborate and invest in the economic health, sustainability, and resilience of Longmont," stated Jessica Erikson, president and CEO of Longmont EDP.
You can find the full OEDIT media release here.
More detailed information regarding Opportunity Zone designation can be found here
