What: the City's pursuit of opportunity zone designations and new markets tax credit financing for local projects.
Where it stands: Seven of the nine census tracts submitted were forwarded to the Treasury by the Governor; the City awaits formal word, with no set date.
Next: Treasury response on opportunity zones; new markets credit awards expected in late spring or early summer.
Staff said seven of the nine census tracts submitted were sent on by the state and then nominated by the Governor to the U.S. Treasury; the tracts are contiguous with the downtown tract, plus one tract in the Airway Heights area, and Spokane Valley also had one nominated. Staff noted the County did not submit others that qualified.
On new markets tax credits, a local community development entity was preparing an application due November 10 with awards not expected until late spring or early summer; staff planned to attend a conference with a consultant to pitch three or four Spokane projects, including a behavioral health facility, a mixed-use project with child care, a later-phase project and an American Indian community center project, plus a possible industrial laundry employer weighing two buildings in qualified tracts for about 70 jobs.
In answer to a member's question, staff said credit investors like to see projects supported by several funding sources, including state capital requests.
Staff said seven of the nine census tracts submitted were sent on by the state and then nominated by the Governor to the U.S. Treasury; the tracts are contiguous with the downtown tract, plus one tract in the Airway Heights area, and Spokane Valley also had one nominated. Staff noted the County did not submit others that qualified.