Cambridge City
MA

Policy Order
POR 2018 #77
ORDER ADOPTED
Mar 19, 2018 5:30 PM

That the City Manager is requested to direct the Assistant City Manager for Community Development to apply for a federal Opportunity Zone designation on behalf of the City of Cambridge.

Information

Department:City Clerk's Office, SSSponsors:Councillor Sumbul Siddiqui, Vice Mayor Jan Devereux, Councillor Alanna Mallon, Councillor E. Denise Simmons
Category:Policy Order

Attachments

  1. Printout

Body

WHEREAS:

The Baker-Polito Administration opened the process for Massachusetts cities and towns to apply for federal designation as an Opportunity Zone on March 9, 2018; and

 

 

WHEREAS:

The recently passed U.S. Tax Cut and Jobs Act of 2017 created the Opportunity Zone Program to provide incentives for investment in low income communities throughout the country, allowing the Governor of each state to nominate up to 25 percent of its low-income census tracts (LICs) to be designated as Opportunity Zones; and

 

 

WHEREAS:

The Opportunity Zone designation will serve as an economic development tool for municipalities and will incentivize investment in low income areas by offering favorable federal tax treatment for investors; and

 

 

WHEREAS:

The designation would support and encourage affordable housing and economic development in designated parts of the City, and would allow local governments to propose a single tract, or a set of tracts, for designation; now therefore be it

 

 

ORDERED:

That the City Manager be and hereby is requested to direct with the Assistant City Manager for Community Development to apply for this designation on behalf of the City of Cambridge by the March 22, 2018 deadline and report back to the City Council on this matter.

 

Meeting History

Mar 19, 2018 5:30 PM Video City Council Regular Meeting
draft Draft

ROLL CALL VOTE 8-0-1

RESULT:ORDER ADOPTED