The inclusion of several Washougal parcels in Governor Jay Inslee’s Opportunity Zone designations is a piece of positive economic news for a town that often struggles to keep up with other Clark County areas in the post-Recession era.
To qualify as an Opportunity Zone, a census tract had to have an individual poverty rate of at least 20 percent and a median family income of no more than 80 percent of the area median.
Washougal had several parcels that qualified. Among the governor’s picks: Washougal’s “E” Street, from Sixth Street to 28th Street; portions of downtown Washougal including the Pendleton Woolen Mill and Bi-Mart locations; and the Port of Camas-Washougal Industrial Park, which includes the Steigerwald Commerce Center.
Being included as an Opportunity Zone doesn’t mean money falls from the sky. In fact, there is absolutely no guarantee that the zones will stimulate the local economy or attract any investment at all.
A bipartisan provision championed by Republican Sen. Tim Scott, of South Carolina, and Democrat Sen. Cory Booker, of New Jersey, that made its way into the 2017 tax overhaul bill, the Opportunity Zone program was the brainchild of the Economic Innovation Group, a 5-year-old Washington D.C.-based public policy organization seeking to “address America’s most pressing economic challenges.”