The Washington State Department of Commerce recently announced Gov. Jay Inslee’s designation of 139 Opportunity Zone tracts in counties across the state. Twelve of those opportunity zones are in Pierce County.
The zones have been created as part of a federal program available to all states in an effort to attract business investments to specific areas.
“This designation offers significant federal tax incentives to organizations and individuals investing in Opportunity Funds, which support development projects in low-income areas,” said Bruce Dammeier, Pierce County executive. “These new opportunity zones provide another reason companies and businesses should locate and expand in Pierce County.”
In Pierce County, the designated tracts are as follows:
- Tacoma (6 tracts): Hilltop & Martin Luther King Street; Lincoln District; Old City Hall & Central Business District; Puyallup Tribal land near Portland Avenue/I-5 interchange; Tacoma Mall & Nalley Valley; UW Tacoma & Brewery District
- Parkland & Spanaway (3 tracts): Pacific Avenue corridor
- Lakewood (3 tracts): Springbrook Neighborhood; St. Clare; Woodbrook & Tillicum Neighborhood
For more information relating to Pierce County Opportunity Zones, visit the Economic Development Board for Tacoma-Pierce County’s website.