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Florence council nominates downtown tract for Opportunity Zone 2.0
Summary
After public comment from property owners and developers, the Florence Town Council voted to nominate the downtown census tract (track ending in 904) for the state’s Opportunity Zone 2.0 program, saying the designation could accelerate investment in Territory Square and historic downtown.
The Florence Town Council voted June 2 to nominate the downtown census tract — the area including Territory Square and historic downtown — for consideration in Arizona’s Opportunity Zone 2.0 process.
The nomination came after public comments from residents and investors urging the council to pick the tract that covers the town center. Paul Felker, a community volunteer, listed upcoming local events and noted the potential for business outreach; online commenter Miss London said her family owns parcels in both candidate tracts and argued the southern, downtown track “is perfect for an opportunity zone” because it is centrally located and could support housing and recreation. Tanner Peterson of Peterson Properties, which is in escrow on about 200 acres, told council the zone’s rules encourage faster development: “when you create a qualified opportunity fund, you've got about 30 months to start development,” he said, urging council to select the downtown option.
AJ Monroe (staff) explained the process: nominations are submitted to the Arizona Commerce Authority by June 19, reviewed by the ACA and the governor’s office, and then forwarded to the U.S. Treasury for final designation. Monroe described two eligible tracts: a larger rural tract north of the Gila River and a smaller tract that includes downtown Florence. Several council members said downtown redevelopment and recent private interest made the downtown tract the logical choice.
Mayor Eaton moved to nominate the tract ending in 904 and the motion carried without recorded opposition. Council directed staff to prepare the formal nomination to the Arizona Commerce Authority.
Why it matters: An Opportunity Zone designation can add tax incentives that make long-term private investment more attractive. Local proponents said the designation could spur redevelopment in downtown Florence and help connect private projects — such as those referenced by Peterson — with public infrastructure plans already underway.
What’s next: Staff will prepare and submit the nomination packet to the Arizona Commerce Authority by the June 19 deadline and inform affected property owners and prospective investors of the town’s selection.
