04/20/2018 - Gov. Inslee Designates Two Port Orchard Opportunity Zones PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT: Mayor Putaansuu (360) 876-4407
April 20, 2018 Development Director Bond (360) 874-5533
Gov. Inslee Designates Two Port Orchard Opportunity Zones
PORT ORCHARD, WA – Gov. Jay Inslee today approved 139 census tracts in 36 counties for “Opportunity Zone” status, enabling them to offer special federal tax breaks to encourage development
and job creation. Two of those Opportunity Zones (OZ) are in Port Orchard, one through a County set aside process and the second via a State wide competitive process spearheaded by the
City’s Development Director Nick Bond.
“We’re appreciative of Gov. Inslee and the WA Dept. of Commerce for their support of our application to include our downtown area in this very helpful program”, stated Mayor Rob Putaansuu.
“The OZ status will attract needed investment and support our efforts to redevelop downtown Port Orchard.”
The OZ program was established as part of the US Tax Cuts and Jobs Acts legislation passed by Congress and signed by the President in December 2017. Qualified census tracts designated
for the program will provide incentives for investors, deferring capital gains taxes for re-invested funds and waiving news taxes on OZ gains after ten years.
“The two zones in our downtown area include much of the recently established Mixed Use Pilot Program as well as the residential property tax abatement program, both created to encourage
investment and redevelopment”, added Putaansuu. “We are very grateful for the participation of our City Council and community leaders who provided support for our application.”
Along with the City Council, Rep. Derek Kilmer, County Commissioners Garrido, Wolfe and Gelder, KEDA Executive Director John Powers, Kitsap Bank CEO Steve Politakis, Housing Kitsap Director
Stuart Grogan, the Port Orchard Chamber of Commerce and a number of local business owners and community supporters all provided letters of support for Port Orchard’s application.
More information on the OZ program can be found at http://www.commerce.wa.gov/growing-the-economy/opportunity-zones/. The full text of the Governor’s announcement and media release can
be found here: http://www.commerce.wa.gov/news-releases/gov-inslee-approves-opportunity-zones-in-communities-across-washington/
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City of Port Orchard
City Clerk
216 Prospect Street, Port Orchard, WA 98366
Voice: (360) 876-4407 ( Fax: (360) 895-9029
cityclerk@cityofportorchard.us
www.cityofportorchard.us