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Staff recommends five census tracts for Opportunity Zones 2.0; council asks for overlays and data before final picks
Summary
City staff recommended five census-tract map areas for North Carolina’s Opportunity Zones 2.0 (maps 1, 3, 4, 11 and 22). Councilors urged additional ward overlays, economic-performance data and proposed re-including map 23; staff reminded the body of an early‑June nomination deadline.
City staff presented recommended nominations for Opportunity Zones 2.0, telling the council the state allows county nominations and the city should choose the five tracts most likely to attract investment under the state’s criteria.
Director Millett said staff recommends map numbers 1, 3, 4, 11 and 22 for submission to the North Carolina Department of Commerce. He explained the state’s guidance focuses on business development and job creation, strategic local revitalization and pathways to increased housing supply.
Why it matters: Opportunity Zone designation confers a federal tax preference that can be used by investors to defer or reduce capital‑gains taxes; it is a tool the city can use to try to attract private capital into priority areas. Millett emphasized that the 2018 designations do not automatically carry forward and that the second round is effectively a fresh selection process.
Council reaction: Several council members pushed staff to overlay the proposed tracts with ward boundaries and economic‑performance data from the first round to assess whether previously selected tracts would benefit. Council member Taylor urged re‑including map 23 — which was part of the 1.0 round — saying recent investment there argues for its return. Director Millett and staff said the city has limited nomination slots and staff selected tracts they judge most likely to attract capital and have impact.
Timing: Staff advised council members to submit any swaps or final choices to the city manager quickly; staff noted a June deadline for formal nominations and said a June 1 council meeting could formally adopt a list in time for submission.
Ending: Staff will provide overlay maps and ranking data for the council to review; council members indicated they will confer with staff and submit any proposed changes before the nomination deadline.
