Eleven areas in Salt Lake County are in line for new investment following recommendations from Governor Spencer Cox to the U.S. Department of the Treasury. The nominations are part of the second round of federal Opportunity Zones, a program designed to encourage private investment in communities with high needs, according to a September 30 statement.
Salt Lake County Mayor Jenny Wilson stated that community building in all neighborhoods is vital and noted that the program provides incentives for critical private investments in jobs and housing in key areas. The County's Economic Development team identified these areas by working with local cities and the Governor's Office of Economic Development to ensure they met local and statewide goals.
The recommended Salt Lake County tracts include:
Salt Lake City: The former Bees minor league baseball stadium area between State Street and I-15 (Tract 1029); an area near a proposed major league baseball stadium (Tract 1027.02); an area east of downtown between South Temple and 400 South (Tract 1021); and the area comprising Historic Magna Main Street, the Utah Inland Port project area, and northwest Salt Lake City (Tract 1139.06).
South Salt Lake: The area between State Street and Jordan River, from 2100 South to roughly 3300 South (Tract 1115).
Millcreek City: The Millcreek City Center (Tract 1118.02).
Murray City: The Intermountain Medical Center and Murray Central Business District (Tract 1121.01).
Midvale City: Central Midvale between State Street and I-15 (Tract 1124.04).
Sandy City: Historic Sandy and property near America First Field and the Mountain America Expo Center (Tract 1127).
West Valley City: The area around the Maverik Center arena (Tract 1133.12).
Taylorsville: The Fore Lakes golf course and mobile home development (Tract 1135.14).
The Opportunity Zone tax program was created by Congress in 2017 to spur development in low-income areas by allowing qualifying investors to defer and reduce federal capital gains taxes. While 147 areas statewide qualified for this round, Utah is only permitted to nominate 25% of them, totaling 37 areas, 11 of which are located in Salt Lake County.
This second round of the program is scheduled to run from Jan. 1, 2027, through Dec. 31, 2036, after Congress made the program permanent in 2025 with a new 10-year cycle. Salt Lake County's initial round of 15 tracts, running from 2017 to 2026, contributed to residential growth in South Salt Lake, industrial investment in the Utah Inland Port, and mixed-use development in downtown and along the North Temple TRAX corridor.
The U.S. Department of the Treasury is expected to certify the new Opportunity Zones in December.
