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Council backs Opportunity Zones nomination for 10 census tracts; MDC to apply
Summary
Council unanimously passed a resolution supporting nomination of eligible census tracts for opportunity-zone designation; staff said the Midland Development Corporation will submit the application by June 26 and that designations take effect Jan. 1, 2027.
The Midland City Council voted unanimously to support nominating eligible census tracts for designation as Opportunity Zones under the Federal Opportunity Zone 2.0 program.
Lindsay Adams, identified as a strategic partnerships officer, told the council the application process is run by the Treasury and states and that the Midland Development Corporation (MDC) will submit the local application. Adams said the city has one shot at nominating tracts in this cycle (every 10 years), that the map includes 10 census tracts (one tract was removed from the city’s list), and that the application is due June 26. Council members discussed the program’s tax incentives, including that a recent change allows investors who hold investments for 10 years to avoid capital gains tax on those investments, which councilmembers called a powerful incentive to attract long-term private investment.
Council approved the resolution with no recorded opposition. Staff said they will also seek a similar resolution from Midland County.
