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Economic development staff urges nominations for Opportunity Zones 2; county nominations due Aug. 7
Summary
Tom, economic development staff, told the council that several Gaithersburg census tracts are eligible for Opportunity Zones 2 and that nominations must be submitted through county governments by Aug. 7; he described the 30-month capital-improvement requirement for investor eligibility.
Gaithersburg — At the May 18 meeting, Tom from the city’s economic development team gave an update on the federal Opportunity Zones 2 program, noting that several Gaithersburg census tracts are newly eligible and that the Maryland Department of Housing and Community Development will begin the selection process this week.
Tom said eligible areas in the city include the Lake Forest small area, the Northeast and Southeast quadrants in Old Town, and parts of the 1st Field/Clapper/West Watkins Mill Road corridors. He explained a key investor requirement for the program: "For a real estate deal to qualify for juicy tax perks, an investor has to make capital improvements that double the value of the property within 30 months of purchasing," and he added that projects must be close to pulling construction permits to meet that timeline.
Economic development staff will work with county and state counterparts to identify the strongest nomination sites; nominations will be funneled through county governments and are due Aug. 7. Tom highlighted the Lake Forest Mall master plan and adjacent Lake Forest gateway proposal as potential city contenders for nomination.
The council received the update; no formal nomination vote was recorded at this meeting.
