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Puyallup council backs Meridian-area census tract to pursue federal Opportunity Zone designation
Summary
After a staff briefing on the updated Opportunity Zones program and two tracts in Puyallup, the council signaled support for nominating census tract 53053073405 (the Meridian corridor area near the Good Samaritan expansion) and asked staff to submit an application during the April 1'May 1 window.
Puyallup City Council members directed staff to pursue federal Opportunity Zone designation for census tract 53053073405, citing new investment potential along the Meridian corridor near the MultiCare Good Samaritan Hospital expansion.
Public Affairs Officer Eric Johnson and federal-relations consultant Jen Covino briefed the council on Opportunity Zones 2, the federal program revived after the 2017 Tax Cuts and Jobs Act with updated criteria. The program creates tax incentives for private investors who place capital into qualified opportunity funds to develop property or businesses in designated census tracts; the program's application window in Washington opens April 1 and closes May 1, with final selections to the U.S. Treasury expected later this year.
Johnson outlined two Puyallup-qualifying tracts (53053073407 and 53053073405), describing…
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