FARGO — A new kind of tax incentive aimed at increasing investments in low-income areas could be coming here if the city gets approval from the state.
City leaders voted Monday, March 12, to give staff the go-ahead to apply for an "opportunity zone" by the deadline of March 19.
City Commissioner Tony Grindberg told The Forum he hopes the zone could be used to encourage low-income housing.
The incentive is part of the federal Tax Cuts and Jobs Act of 2017, which authorizes governors to designate the zones in their state, according to Jim Gilmour, the city's strategic planning director. In North Dakota, the governor can designate a total of 25 census tracts, and Fargo has 16 tracts that meet the low-income requirements.