Downtown resident warns Opportunity Zone application could spur large-scale redevelopment
Philip Wiley, a downtown resident of 34 years, told the Planning Commission that Governor Abbott submitted an application to the federal government to designate part of downtown as an Opportunity Zone and said the Treasury decision expected this year could create large tax incentives likely to attract apartments, hotels and offices.
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Philip Wiley, identifying himself as a downtown resident for 34 years, urged the Planning Commission to note a recent change he said could accelerate downtown residential growth: "This month, the Governor Abbott submitted to the federal government an application for the middle 3rd of downtown to become an Opportunity Zone," Wiley said, adding that "the U.S. Treasury Secretary... will decide before the end of the year whether or not we're approved."
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