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Staff briefs council on Opportunity Zones 2.0 and Kent’s competitive case
Summary
Economic development and planning staff briefed council on the Opportunity Zones 2.0 program, explained federal capital‑gains incentives, and recommended preparing applications for eligible Kent census tracts (including Midway and industrial areas) while documenting project readiness and partner support.
City staff from economic development and planning provided an extended workshop briefing April 7 on the federal Opportunity Zones 2.0 program and outlined steps for a competitive state application.
Bill Ellis explained that Opportunity Zones provide federal capital‑gains tax incentives for private investors who hold qualifying investments (commercial real estate or businesses) long enough to realize reduced or eliminated capital gains tax. Staff emphasized the program uses objective census criteria (poverty rates,…
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