Governor Greg Abbott recently submitted the state's Opportunity Zone designations to the U.S. Treasury Department to encourage long-term investment in eligible Texas communities, including Arlington.
The Opportunity Zone program, created by the 2017 federal Tax Cuts and Jobs Act, is designed to encourage businesses to develop and invest in low-income communities in Texas. The submissions by Governor Abbott to the federal government can attract billions in investment and economic growth to Texas cities.
"This program will help highlight areas of Texas that are prime for business investment, and it will serve to bring more opportunities to hardworking families across the entire state," said Governor Abbott. "As we continue to recover after Harvey, these Opportunity Zone designations will also provide a much-needed boost for local communities impacted by the storm. With the potential for billions in new investment, I look forward to our state continuing to flourish, bringing further growth and opportunity to the people of Texas."
An area of east Arlington was among seven Census Tracts within Tarrant County that were included in Abbott's Opportunity Zone list. Arlington's identified area for investment is bordered by Park R ow Drive to the north, New York Avenue to the east, Arkansas Lane to the south and Collins Street to the west.
"This designated Opportunity Zone is an important tool in attracting new business investment in east Arlington," Deputy City Manager Jim Parajon said.
Each state may designate up to 25 percent of its eligible low-income census tracts as Opportunity Zones. After an extensive analysis of Texas' eligible tracts, and using a multi-step process to identify eligible areas in particular need due to chronic unemployment, lower population density, and significant economic disruptors such as natural disasters within the past two years, Texas designated 628 census tracts in 145 counties as Opportunity Zones.
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