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Between one-third and one-half of the land in Kemah could be designated as a qualified opportunity zone by the U.S. Department of the Treasury, making it easier to attract investment to those areas.
Why it matters
Kemah City Council voted unanimously at its June 17 meeting to ask for state and federal support to designate large areas of land between FM 2094 and FM 518 for federal investment through the IRS’s Qualified Opportunity Zone program.
With the land designated as an opportunity zone, investors who place eligible capital funding in those areas can secure capital gains tax abatements, according to city documents.
City leaders hope the new status will make Kemah more competitive for attracting private capital for business growth and secure new investments for existing businesses, according to city documents.
The designation could also help the city access opportunities for improved mobility, drainage and public safety, city documents note.
Also of note
Opportunity zone status is granted only through a state nomination and federal certification process, according to previous reporting by Community Impact.
The resolution does not create local tax abatements or binding financial commitments from the city, according to city documents.
