Loading...
HomeMy WebLinkAbout05/20/2026 5AAGENDABILL CITY OFBREMERTON 5ACITYCOUNCIL SUBJECT:Study SessionDate: May13, 2026 ResolutionNo. 3410toAuthorize COUNCILMEETINGDate: May20, 2026 OpportunityZoneApplicationforCensus Department: DCD Tract53035080300 Presenter: AndreaSpencer Phone: (360) 473-5283 SUMMARY: TheFederalOpportunity Zones (OZ) program isintended toencouragelongtermprivateinvestment ineconomically distressed communities. Undertheprogram, governors nominate eligiblecensus tractsfordesignationbytheU.S. Treasury, makingthemeligiblefortaxincentivesthatattractcapital toareaswithhistoric underinvestmentby private markets.Theoriginalprogram, OZ1.0, was established underthe2017TaxCutsandJobsActandremainsineffectthrough2028. Downtown RegionalCenterisdesignatedunder thisprogram.Anew, permanent OZ2.0program launchedthisyear, providing greater longterm certaintyanda10year investment horizon through 2036. TheStateofWashington isaccepting applications from April28toMay28, 2026.Sixcensustracts inandaround Bremerton meet federaleligibilityforOZ2.0consideration. Ofthese, onetract (Census Tract53035080300)nbytheGovernor.This tract includes theHarrisonHeights SubareaPlanareaandthesurrounding neighborhoods eastofWarren Avenue. Pursuingdesignation asanOpportunity Zonecanbenefit theCityby: Attractingprivateinvestment intoneighborhoodswhere redevelopment hasbeenchallenging; Supportingjobcreation andbusinessexpansion; Increasing thefinancialfeasibility ofhousing;and Promoting patient, long-terminvestment aligned withcommunity priorities. Itshouldbenotedthatdesignationdoesnotcreateanewgovernment programorimposenew requirements. Instead, itprovidesavoluntary incentivethatcanhelpacceleraterevitalizationefforts alreadyidentified bythe communityin ourSub-areaandComprehensivePlans. TheproposedResolution authorizestheMayortoapplyfor OZ2.0forCensusTract53035080300. ATTACHMENTS: ResolutionNo. 3410AuthorizingApplication for Opportunity Zone2.0 Exhibit A:AerialMap|ExhibitB:Zoning Map |ExhibitC:PublicInvestmentsinvicinity LettersofSupport: KEDA, VirginaMason Franciscan Health, Kitsap County Power Point Presentation FISCAL IMPACTS(IncludeBudgetedAmount): NoCityofBremerton Fiscal Impacts STUDY SESSION ACTION:Consent Agenda GeneralBusiness PublicHearing RECOMMENDED MOTION:Movetoadopt Resolution No.3410approvingthesubmission ofan application todesignate Census Tract53035080300 asanOpportunity Zone2.0areaandauthorize theMayor, or theirdesignee, toprepare, execute, and submitallnecessary documentsandmaterials requiredtocompleteandsubmittheapplication. COUNCIL ACTION: Approve Deny Table Continue NoAction FormUpdated 04/19/2024 Docusign Envelope ID: 8161A2F2-A0F7-894E-8268-FCA2B9064B3A