• Attwell on Ash/Burnham in Tigard
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City of Tigard

Opportunity Zones

Tigard’s Opportunity Zones shown in blue
Tigard’s Opportunity Zones shown in blue (above)

What Are Opportunity Zones?
Opportunity Zones were created under the 2017 Federal Investing in Opportunities Act and are designed to encourage economic growth and job creation in economically distressed communities. To accomplish this, Opportunity Zones offer investors three tax incentives:

  1. Temporary deferral: An investor can defer capital gains taxes until 2026 by investing and holding unrealized gains in a Qualified Opportunity Fund, a partnership or corporation organized to invest in designated Opportunity Zones.
  2. Tax reduction: The original amount of capital gains on which an investor has to pay deferred taxes is reduced by 10% if the Opportunity Fund investment is held for more than 5 years and another 5% if held for more than 7 years, for a total of 15%.
  3. An exemption: Any capital gains on investments made through an Opportunity Fund accrue tax-free as long as the investor holds them for at least 10 years. For investments held longer than 10 years and upon a sale or disposition of the investment, the investor is allowed to elect the basis in the investment to quality to the fair market value of the investment.

To qualify for these incentives, investments must be made through a Qualified Opportunity Fund. Check the U.S. Treasury website for details on how to become certified as a Qualified Opportunity Fund. 

Qualifying Investments
Because the Opportunity Zone program is intended to stimulate positive growth within designated communities, there are restrictions on the types of investments in which an Opportunity Fund can invest. The following investment options are available to Opportunity Funds:

  • Partnership interests in businesses that operate in a qualified Opportunity Zone.
  • Stock ownership in businesses that conduct most or all of their operations in a qualified Opportunity Zone.
  • Property such as real estate located within a qualified Opportunity Zone:
    • Construction of new buildings / substantial improvement of existing unused buildings.
    • If an Opportunity Fund invests in the improvement of an existing building, it must invest more in the improvement of the building than it paid to buy the building.
Oregon Opportunity Zone Initiative
The Oregon Opportunity Zone Initiative is a system where local community and economic development stakeholders can efficiently work with businesses and developers to present investment-ready projects to Opportunity Zone investors. This platform places investment proposals from businesses and project sponsors in front of Opportunity Zone investors. Click here to submit your project into a growing pipeline of Opportunity Zone projects across Oregon.

Tigard’s Opportunity Zones
Tigard has three distinct Opportunity Zones:

Tigard Triangle / Downtown Tigard

Approved Opportunity Zone Census Tract: 307

The Tigard Triangle is located in the northeast corner of Tigard, just east of Downtown. At about 500 acres, it is roughly the same size as Downtown Portland. The Tigard Triangle is centrally located and bounded by three major transportation corridors - Interstate 5, Highway 217, and Highway 99W. A proposed light rail alignment through the Triangle and a new innovative development code, designed to spur development by reducing regulations, has already caught the attention of property owners, investors, and developers. The Triangle’s designation as an urban renewal area will help optimize public and private investment and advance the community’s vision for the area. The Triangle is also within Tigard’s Vertical Housing Development Zone and Enterprise Zone, local incentive programs designed to spur mixed-use development and business growth. 

This Opportunity Zone also encompasses part of Downtown Tigard. Downtown Tigard is the historic, walkable district of the city. It contains unique shopping, eating, and drinking establishments, superior public transit (the proposed Southwest Corridor light rail alignment would also pass through Downtown Tigard) and recreational access via the Fanno Creek Trail and Tigard Street Heritage Trail. Downtown is also the focus of an ongoing revitalization effort that has seen a sharp rise in business activity and private investment in the past few decades. Like the Tigard Triangle, Downtown Tigard is an urban renewal area, and a portion of Downtown is located within Tigard’s Enterprise Zone and Vertical Housing Development Zone.  

Washington Square

Approved Opportunity Zone Census Tract: 309

The Washington Square area is one of three designated regional centers in Washington County and one of eight in the Portland metropolitan region. Regional centers are areas with concentrated commerce, retail services, and housing served by high-quality transit. This area is home to a diverse mix of business and residential development, including the Washington Square shopping mall, a major regional retail center and one of the top grossing malls in the country; and Lincoln Center, a successful multi-building office complex that contains the tallest building in Washington County.

Bridgeport Village

Approved Opportunity Zone Census Tract: 320.05

The Bridgeport Village area is known for a mix of industrial, office and retail activity. The cornerstone of this section of Tigard is Bridgeport Village, one of the most prominent retail and entertainment complexes in the Portland region. The Bridgeport Village area is also home to over a million square feet of industrial / warehouse / retail / office space spread across three properties. Like the Tigard Triangle and Downtown areas, the Southwest Corridor light rail alignment would also pass through the Bridgeport Village area.

Dylan Dekay-Bemis
Economic Development Coordinator

Opportunity Zones
Tigard’s Opportunity Zones are shown below in blue.
Opportunity Zones in Tigard
Click to enlarge
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