BOISE, Idaho — The Boise Mayor's Office said that five areas in Boise may receive federal tax benefits after Gov. Brad Little and the Idaho Department of Commerce recommended their designation as Opportunity Zones.
The IRS refers to Opportunity Zones as an "economic development tool". Officials say the aim of the program is to encourage private investment by offering tax incentives to investors that do not come from city or state tax dollars.
Boise Mayor Lauren McLean praises the recommendation from Little and state leaders.
“This is a win for Boise,” Mayor Lauren McLean said in a press release. “These tax benefits will help encourage growth and investment by spurring the market to build more homes, start new businesses, and create more jobs for our residents.”
The City of Boise selected five areas positioned for growth to be put forward for the designation: Downtown, Shoreline, University District, South Boise Village and West Boise.
City officials say that these areas were selected after reviewing data, resident and community partner input, and planning work already underway. Staff said they looked at economic conditions, proximity to infrastructure, zoning and existing incentives.
Opportunity Zones allow private investment in projects like new housing, small business, commercial development or redeveloping underused properties. The city noted that they do not decide which of these projects receive investment.
Mayor McLean said that approval of the proposed Opportunity Zones would help improve quality of life for Boise residents.
"By growing intentionally and creating more homes and jobs near parks, schools and transit corridors, Boiseans can spend less time driving and more time living, connecting and building community in this special place we call home,” Mayor McLean said.
If approved, the designations would take effect Jan. 1, 2027, and remain in place for ten years.
City officials say they will continue to provide updates as the review moves forward to the U.S. Treasury.
