The Governor’s Office of Economic Development, in coordination with the Utah Department of Workforce Services, is pleased to announce newly designated Opportunity Zones from the U.S. Treasury Department.
GOED and DWS worked to obtain the nomination of low-income census tracts to be considered for opportunity zone designations through the Association of Governments (AOG).
“Our goal is economic prosperity for all Utahns. Opportunity Zones will go a long way in helping to support growth in economically-distressed areas throughout the state,” said Gov. Gary R. Herbert. “By working with these communities, the zones will attract more businesses and new investment.”
Representatives from the AOGs were encouraged to speak with their local stakeholders for the submission of the census tracts. The final list of opportunity zones was compiled to provide a balance for the benefit of both rural and urban communities that met the criteria from the U.S. Treasury Department.
Nomination tracts were selected based on information obtained from the Kem C. Gardner Institute as well as economic narratives communicated by the nominating AOG representatives. A primary focus of nominating Opportunity Zones was to in part support the needs of rural areas. Therefore of the 46 nominations, 19 were designated from rural communities. Following the nominations from the AOGs, GOED prioritized several targeted rural communities where attractive investment opportunities exist.
“By identifying areas that are ripe for potential investment, Opportunity Zones will certainly help nudge these local economies in the right direction,” said Ginger Chinn, managing director of urban and rural business services for GOED. “This is a very exciting development opportunity for both our urban and rural areas.”
Altogether, 46 zones were designated in the following areas:
Salt Lake City
South Salt Lake City
West Valley City
To see a supporting map of the Opportunity Zones, please click here and here.
For detailed information about Opportunity Zones, please see the Treasury website here.