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Lynnwood staff outline Opportunity Zones 2.0, recommend reapplying for two city‑center tracts
Summary
City staff presented details of the federal Opportunity Zones 2.0 changes, recommended reapplying for the two city‑center census tracts that have driven recent redevelopment, and warned that federal rules offer no local affordability guardrails; council members pressed staff on displacement risks and complementary local tools such as MFTE.
City staff updated the Lynnwood City Council on federal Opportunity Zones 2.0 and recommended the city seek designation for the two census tracts that cover the city center, pending guidance from state and federal agencies.
Director Ben Walters introduced the item and told the council the program “doesn't cost the city any money” and that a likely next step would be a council resolution of support after staff finalize recommended tracts. Sarah Trowe, the city center program manager, summarized OZ 2.0 changes: narrower geographic targeting, new selection criteria and reporting requirements, and a rural carve‑out that requires at least 25% of new designations to be in rural communities. She said Washington currently has 139 designated opportunity zones and that staff expect the state’s pool of nominations to…
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