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Chandler Eyes Federal Funds For Downtown Development
The Chandler City Council is expected to support the use of federal funds to give its downtown a boost. The council will vote Thursday night on a proposal to designate an area bound by Alma School Road, McQueen Road, Pecos Road and Chandler Boulevard as an "Opportunity Zone."
Micah Miranda, economic development director for Chandler, says the city is trying to take advantage of a provision in the Tax Cuts and Jobs Act of 2017 that encourages investors to put money into designated zones.
“So the idea here is to provide incentive for investors to protect their capital gains,” Miranda said, “and put them into a fund to help support investment in specific neighborhoods that are in need of private-sector capital investment.”
Miranda said the investment could include new construction or putting money into existing businesses in the two-square-mile area.
“As the investors hold their money in these funds over certain time thresholds, their tax burden reduces,” Miranda said.
If the council approves, the city will send the recommendation to Gov. Doug Ducey, who will make the final call on Opportunity Zones across the state.
States have 90 days from the enactment of the tax overhaul to submit their recommendations to the federal government.