American Fork City Council members unanimously approved a contract Tuesday to use Advisors Consulting Services to produce a downtown economic development plan for the city in an effort to maximize American Fork’s federal designation as an “opportunity zone.”
American Fork and Provo are the only two cities in Utah County to have received “opportunity zone” designation. The opportunity zone program was created under the 2017 Tax Cuts and Jobs Act, according to the National League of Cities. The program was created to provide local and national investors with a tax incentive for investments in “economically distressed” areas. There are over 8,700 opportunity zones in the U.S., including in other parts of Utah.
American Fork City Council hope the hiring of Advisors Consulting Services will result in a plan that capitalizes on the city’s opportunity zone designation.
Todd Brightwell, president of Advisors Consulting Services, said as part of the group’s plan development, they will look at current and potential future uses of the area, existing zoning and master plans, and work with local stakeholders.
The city has asked Advisors Consulting Services to look at other financial tools such as a Community Reinvestment Area and a Transportation Reinvestment Zone in addition to the opportunity zone.
“This will be an incredible opportunity for redevelopment and we hope that many will come to take part in the revitalization of American Fork’s business district,” Mayor Brad Frost said.
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