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Council backs Opportunity Zone activation application to spur redevelopment along Bell Helicopter corridor
Summary
Council unanimously approved Resolution 19-16 to support submitting an Opportunity Zone activation application to the Texas Economic Development and Tourism Office; staff said the application is due June 26 and could incentivize private investment in target areas, including properties near Bell Helicopter.
City staff and the city manager asked council to approve Resolution 19-16 endorsing the city's Opportunity Zone activation application to the Texas Economic Development and Tourism Office. Staff described the program as enabling investors to gain capital-gains tax advantages when zones are activated and said activation does not commit the city to specific redevelopment projects; the application must go through the county and be submitted to the governor's office by June 26.
Economic development presenter Chris said the city is aiming to activate zones across areas from the Bell Helicopter corridor to the eastern border and emphasized that activation is intended to attract private investment rather than impose city-led projects. "It's nothing that commits us to any redevelopment; it's just a tool to incentivize folks to come in and redevelop," Chris said. Councilmember [mover] moved adoption, the motion was seconded, and council voted unanimously to approve the resolution.
