Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Port Townsend council authorizes staff letter backing Opportunity Zone 2 nomination
Summary
After a presentation on the program’s ‘‘triple tax benefit,’’ the council voted to authorize a staff letter supporting nomination of Port Townsend’s eligible census tract for the federal Opportunity Zone 2 designation to encourage investment and potential housing and job projects.
David Ballas, executive director for the Jefferson Economic Development Council, told the Port Townsend City Council that the revived federal Opportunity Zone program could steer private capital into the city if the area wins state and federal nomination.
"The program has a triple tax benefit for investments in designated so called opportunity zones," Ballas said, explaining the deferral and step-up in basis rules and a larger rural bonus that could apply in Port Townsend.
Ballas…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
