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Advisory board backs top five opportunity-zone rankings, to send recommendation to Lee County
Summary
The board unanimously supported staff's recommended top-five opportunity zones for Fort Myers, led by tract 18 (which includes the News-Press site and City of Palms Park). Staff said the rankings will go to the county development task force and then to the Board of County Commissioners for final approval before the April 1 application deadline.
The Economic Development Advisory Board voted to support staff's recommended ranking of Fort Myers's top five opportunity zones, with Census Tract 18 listed as the top choice because it includes the News-Press site and City of Palms Park and has utilities and incentives that make it attractive for redevelopment.
Presenter staff walked members through the ranking criteria (utilities, vacant industrial/commercial acres, building stock available for renovation, incentives such as new-market tax credits and brownfield status) and explained the federal tax incentives tied to opportunity-zone investments. Staff characterized investments held 10 years or more as generating "tax-free" growth on appreciation in the new investment and said the board's endorsement will be forwarded to Lee County and the county commissioners; the county application deadline was cited as April 1.
Board members asked technical questions about rezoning (whether industrial parcels could be converted to residential uses under local controls) and about the market appetite for the chosen tracts. The motion to support the top-five rankings was moved and approved by voice vote.
