Salt Lake City hopes to use a Trump administration tool to turn the seven “opportunity zones” located within its boundaries into a “life sciences corridor” spanning from the University of Utah’s research park to the city’s northwest side.
The zones, designated low-income communities based on census data, are part of a program created in the 2017 federal Tax Cuts and Jobs Act that will allow big institutional investors, such as banks, to defer capital gains and earn tax-free interest by putting their money into housing and business development efforts within the areas.
“One of the things we found is that over the last year, the number of prospects that have come and worked with our department have really been in that life science space,” Lara Fritts, the city’s director of economic development, told the City Council during a briefing on the plan Tuesday.