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Council nominates new Opportunity Zone census tract along I‑80 corridor for 2027 program
Summary
Council approved a resolution to nominate a census tract stretching from I‑80 toward Auburn Toyota as the city's candidate for the 2027 Opportunity Zone designation, with staff noting Old Town/Downtown no longer qualify under updated census data.
The Auburn City Council voted to recommend that the State nominate a new census tract within Auburn for the 2027 federal Opportunity Zone program, a tax-incentive vehicle that can encourage private investment by deferring capital gains taxes.
Economic Development Director Jonathan Wright explained that the city's prior designation (Old Town/Downtown) no longer qualifies under updated census statistics. He described the new tract as spanning from Interstate 80 up to Auburn Toyota and including portions of the Nevada Street corridor and other commercially promising properties. Wright summarized how the Opportunity Zone mechanism defers capital-gains tax if investors place gains into a qualifying fund and meet improvement and holding-period requirements.
"Long story short, this is a good thing to add to our economic portfolio," Wright said, noting the program’s competitive nomination process and the need for letters of support. Councilmembers asked clarifying questions about eligible projects, timing and whether hotels or other uses in Old Town could still benefit; Wright said Old Town investments would be subject to sunset/timing constraints and that the new tract provides a better near-term vehicle for attracting investment to the Highway 49/Nevada Street corridor.
Councilmember Mar made the motion to adopt the resolution directing the state nomination; the motion was seconded and the council approved the nomination by roll call. Staff will prepare the application package and coordinated letters of support for the state process.
