Colorado: Fostering Economic Growth: Polis Administration Submits Maximum Number of 91 Opportunity Zones for Federal Designation

DENVER – Today, Governor Jared Polis announced that the State of Colorado submitted the maximum number of 91 geographic areas for federal designation as new opportunity zones through the Opportunity Zone (OZ) initiative, a federal incentive that encourages long-term investments in designated low-income communities, strengthening communities and economies across the state. Opportunity zones offer a powerful tool to help rural and urban communities attract new development and investment capital.

"Designating new opportunity zones provides big opportunities for our economy and our communities. The zones submitted today were chosen with significant input from local leadership, will create jobs, and boost investment. Investing in opportunity zones allows you to delay paying taxes on investment profits for several years. And, if you keep your money in the zone for at least ten years, you pay zero taxes on any profits made from that investment. This helps attract investment to some of the areas of our state that need it the most. We are helping Colorado communities improve infrastructure, build new housing and manufacturing facilities, and grow businesses across the state," said Governor Polis.

Through the OZ Program, private investors receive tax benefits for investing in real estate, infrastructure projects and operating businesses in designated zones. Originally launched in 2018, Colorado led the country leveraging Opportunity Zones during the first iteration of the effort. The state ranked second nationally for how many Opportunity Zones received investment and eighth for total capital raised, reaching over $3.2 billion in investments, representing $534 per person, in the state through the end of 2024. Ninety-four percent of Opportunity Zones under the original effort received investment, including 95% of rural designated zones. The State estimates that the second round of OZs could exceed $4 billion in total investments in Colorado.

While the original OZ initiative sunsets in December 2028, federal bill H.R. 1 continued the program and made it permanent, updating eligibility requirements and benefits. The U.S. Department of the Treasury identified 362 census tracts within Colorado that met the program's eligibility requirements and invited the State to submit up to 25%, or 91, of the Census tracts for official designation. To respond to this opportunity, the Business Funding & Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT) conducted a several-month process to solicit input from communities across the state to support the Governor in nominating low-income census tracts to be Opportunity Zones.

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"We are ensuring that the benefits of our Opportunity Zone program reach across Colorado, from our urban centers to our rural communities, by utilizing a locally-informed, data-driven approach. These designations are more than just incentives; they are a powerful incentive for the long-term success of our communities, businesses, our workers, and the families who call this state home," said Eve Lieberman, OEDIT Executive Director.

The review process included over 100 stakeholder engagement meetings, six statewide webinars, four regional in-person convenings, and a survey open to individuals across the state. The review process prioritized the selection of tracts across the state, including rural areas and regions outside of the Front Range, as well as alignment with existing efforts to diversify and grow local economies.

Nominated Opportunity Zone 2.0 Tracts

Of the 91 census tracts submitted for federal designation:

• 89, or approximately 98% overlap with an Enterprise Zone.
• 47, or approximately 52%, include transit-oriented communities.
• 35, or approximately 38%, are located outside of the Front Range.
• 33, or approximately 36% overlap with a Rural Jump-Start Zone.
• 28, or approximately 31%, are located in rural communities, which qualify for increased incentives through opportunity zones. Governor Polis' rural submission exceeds the percentage of eligible rural zones (28%), prioritizing development in rural Colorado.
• 10, or approximately 11%, are located in Coal Transition Communities.
• 10, or approximately 11%, include a Creative District.
• 7 include an Innovation Hub focused on the development of emerging and new technologies.
• 6 tracts or 6.6% include a Main Street Community, prioritizing community-led downtown revitalization with support from the Colorado Department of Local Affairs (DOLA) Main Street initiative.

"Opportunity Zones are an important tool for attracting private investment to Denver and directing that investment toward communities where it can have a meaningful impact," said Denver Mayor Mike Johnston. "We are especially excited that every eligible neighborhood on the Mile High Line was selected as an Opportunity Zone, building upon the momentum in each area and creating new opportunities to bring investment, jobs, housing, and economic vitality to our communities."

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"These proposed Opportunity Zone designations are ultimately about people, neighborhoods, and economic opportunity. They can help bring new investment to parts of Colorado Springs that have historically seen less of it; supporting more housing, helping businesses grow, creating jobs, and strengthening neighborhoods. I am grateful to Governor Polis and his team for advancing a number of proposed designations in Colorado Springs and El Paso County and for partnering with us to attract thoughtful investment that strengthens our economy while ensuring more of our residents and neighborhoods can share in our city's success," said Colorado Springs Mayor, Yemi Mobolade of Colorado.

"We are pleased to have three of Mesa County's six priority zones selected through a highly competitive statewide process. This reflects the strength of the opportunities in our community and the collaborative work that went into our nominations. We appreciate OEDIT's partnership in this process. These designations give Mesa County another important tool to compete for private investment, support redevelopment and drive long-term economic growth," said Curtis Englehart, Executive Director of the Grand Junction Economic Partnership.

"Cañon City is honored to be included in Opportunity Zone 2.0. Designation for Census Tract 08043978300 is an important recognition of Cañon City's growth potential and the work our community has done to plan for its future. This tract includes two of our most important long-term investment areas — Four Mile Ranch and the Holy Cross Abbey — and this designation can help improve our ability to activate the private sector and attract the patient private capital needed to turn our decades of planning and placemaking investments into real housing, redevelopment, jobs, infrastructure, and tax-base growth. For a rural community like ours, this is not simply about one project. It is about helping Cañon City become more self-sustaining, more competitive for investment, and better positioned to meet the needs of current and future residents. Thank you, Governor Polis!" said Rick L. Harrmann, Economic Development Manager for the City of Cañon City.

About the Colorado Office of Economic Development and International Trade

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado's economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

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