The City of Alliance has been selected as one of 28 census tracts statewide nominated by Governor Jim Pillen for designation as a federal Qualified Opportunity Zone, a move that could open the door to new private investment in the community.
Qualified Opportunity Zones are designed to encourage private investment in designated communities through federal tax incentives. If the designation receives final federal approval, Alliance could potentially benefit from investment in a range of projects, including housing, industrial development, retail, medical facilities, redevelopment and other private development.
The designation is not yet final and is not expected to take effect until January 1, 2027. However, the City’s selection and submission by the governor provides a strong indication that the designation will ultimately be approved.
While the opportunity remains in its early stages, the City is optimistic that the designation could help put Alliance in front of investors and developers who may not otherwise have considered the community.
The City plans to continue researching the program, identifying potential properties and projects within the nominated area, and exploring how the Opportunity Zone designation could complement Alliance’s housing, redevelopment and economic development priorities.
“This is a substantial win for Alliance. I want to recognize the extraordinary leadership of Interim Box Butte Development Corporation Director Jennifer Dumlao and the City’s Community Development Director Brent Kusek throughout the application process. Their diligence and hard work were instrumental in making this opportunity possible. I am also incredibly grateful for the phenomenal partnership that has developed between BBDC and the City as we continue working together to Build the Best Hometown in America.”, City Manager J.D. Cox notes.
The potential designation represents another positive development for Alliance as the community works to attract new investments and create additional opportunities for residents and businesses.