HomeMy WebLinkAboutR-2026-061 Opportunity ZoneRESOLUTION NO. 2026-061
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, AUTHORIZING SUBMISSION TO FLORIDA
COMMERCE TO APPLY FOR DANIA BEACH “OPPORUTNITY TRACK 2.0”
CENSUS TRACK RECOMMEDATIONS FOR POTENTIAL OPPORTUNITY
ZONE NOMINATIONS BY THE GOVERNOR; PROVIDING FOR
CONFLICTS; FURTHER, PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Opportunity Zones were created by the Tax Credit and Jobs Act of 2017; and
WHEREAS, the Opportunity Zone program is designed to encourage investors,
businesses, developers, financial institutions, and other investors to reinvest capital gains into
distressed census tracts to foster job creation; and
WHEREAS, in simple terms, Opportunity Zones are federally designated, economically
distressed communities where investors can receive tax incentives for investing in local
development projects; and
WHEREAS, the benefit for participating in the program is deferral, reduction, and potential
elimination of taxes on capital gains and not rebates or grants; and
WHEREAS, the “One Big Beautiful Bill of 2025 made the program a permanent part of
the tax code and further refined the program; and
WHEREAS, new opportunity zones (“Opportunity Zones 2.0”) will be nominated by
Governors starting July 1, 2026, and qualified by the U.S. Treasury by December 31, 2026, to take
effect on January 1, 2027; and
WHEREAS, moving forward Opportunity Zones will be nominated and designated every
10 years; and
WHEREAS, the Opportunity Zones 2.0 will provide more restrictive eligibility criteria to
qualify new census tracts, including a lower median family income threshold less than 70 percent
and elimination of contiguous tracts; and
WHEREAS, the new program establishes additional reporting for funding and businesses,
and a two-year overlap period (2027–2028) when both Opportunity Zone 1.0 and 2.0 maps will be
in effect;
WHEREAS, the goal of the new legislation is to broaden investments to include more
operating businesses and rural areas, with rural areas will receive a 30 percent basis step-up after
five years compared to the standard 10 percent for non-rural investments; and
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WHEREAS, in order to be considered eligible for Opportunity Zone designation, census
tracts must have: either a poverty rate of 20 percent or higher; or a median family income (MFI)
less than 70 percent of the relevant benchmark; and
WHEREAS, for metropolitan tracts, the relevant benchmark is the metro area’s MFI and
for non-metropolitan tracts, the benchmark is the statewide MFI; and
WHEREAS, if an area is qualifying on poverty, a census tract’s MFI must not exceed 125
percent of the relevant benchmark, and the number of census tracts governors can nominate is
determined by the number of tracts that meet these criteria; and
WHEREAS, the Governors is allowed to nominate up to 25 percent of eligible tracts
statewide, with a minimum guarantee of 25 tracts, and official eligibility will likely be based on the
2020–2024 American Community Survey (ACS) 5-Year Estimates that are expected to be
published in January 2026; and
WHEREAS, a certain number of census tracts within the City of Dania Beach are eligible
for Opportunity Zone designation; and
WHEREAS, the City is eligible to file with Florida Commerce for tract recommendation
into the “Opportunity Zone 2.0.”; and
WHEREAS, the City Administration recommends submitting for census tract recognition
for certain areas of the City as “Opportunity Zone 2.0”;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA:
Section 1. That the above “Whereas” clauses are ratified and confirmed, and they are
made a part of and incorporated into this Resolution by this reference.
Section 2. That City approves the appropriate officials/administration to submit an
application to Florida Commerce for certain City census tract recommendation areas to be
reviewed and accepted into the “Opportunity Zone 2.0.”
Section 3. That all resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
Section 4. That this Resolution shall be effective immediately upon enactment.
PASSED AND ADOPTED on April 28, 2026.
Motion by Commissioner Ryan, second by Commissioner Rimoli
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FINAL VOTE ON ADOPTION: Unanimous X
Yes No
Commissioner Lori Lewellen ____ ____
Commissioner Luis Rimoli ____ ____
Commissioner Archibald J. Ryan IV ____ ____
Vice Mayor Marco Salvino ____ ____
Mayor Joyce L. Davis ____ ____
ATTEST:
ELORA RIERA, MMC JOYCE L. DAVIS
CITY CLERK MAYOR
APPROVED AS TO FORM AND CORRECTNESS:
EVE A. BOUTSIS
CITY ATTORNEY