Olde Town Bellevue nominated for federal Opportunity Zone
Olde Town Bellevue has been nominated for a new federal Opportunity Zone, a potential tax incentive that city officials say could help draw private investment to the historic district.
The City of Bellevue announced the development July 23, one day after Nebraska’s governor submitted the state’s nominations to the U.S. Treasury. State economic-development materials identify the Bellevue area as Census Tract 104.02.
The action is not yet a final federal approval. While Bellevue’s announcement described the area as receiving an Opportunity Zone designation, the Nebraska Department of Economic Development describes the July 22 action as a nomination to Treasury. The federal government must approve the nomination before the tax treatment can take effect.
Potential tool for Olde Town investment
Opportunity Zones are intended to provide preferential federal tax treatment for qualifying investments. Bellevue said the tool could support private investment tied to housing, commercial development, small businesses, infrastructure and job creation in Olde Town.
That makes the nomination relevant to a district the city identifies as a principal redevelopment area. The program would not itself commit public money to a particular project or guarantee that a development will be built. The city and state materials did not identify a committed investment, a specific development proposal, a housing-unit total or a projected job count.
Instead, the designation would create a potential financing incentive for qualifying private investments. Whether it leads to projects in Olde Town will depend on federal approval and on investors pursuing eligible opportunities in the tract.
Mayor Rusty Hike said in the city’s announcement that the Opportunity Zone tool aligns private capital with infrastructure, housing, small-business development and job creation. The city framed the nomination as part of its effort to support revitalization in Olde Town Bellevue.
What the state submitted
Nebraska submitted its Opportunity Zone nominations to Treasury on July 22, according to the Nebraska Department of Economic Development. The state’s program page specifically lists Bellevue Census Tract 104.02 among the nominated areas, confirming that the nomination applies to the Bellevue district rather than to Bellevue as a whole.
The state says newly approved zones would begin Jan. 1, 2027. Under the timetable described in Nebraska’s materials, the expected designation period would run through 2036, with zones redesignated every 10 years.
Those dates remain contingent on Treasury approval. Bellevue residents, property owners and prospective investors should therefore treat the announcement as a pending opportunity rather than a completed federal designation.
Why the distinction matters
The difference between a nomination and final approval is significant for Olde Town. A federal approval could make qualifying investments eligible for the program’s preferential tax treatment. Until then, there is no confirmed federal Opportunity Zone status for the tract and no announced project attached to it.
For the city, the immediate development is that Olde Town has been placed in Nebraska’s submission to Treasury. The next known step is Treasury’s decision on the state nominations. If Bellevue Census Tract 104.02 is approved, the state expects the new Opportunity Zone period to start at the beginning of 2027.
Sources
- Bellevue Receives Opportunity Zone Designation for Olde Town Bellevue, City of Bellevue, Nebraska
- Opportunity Zones, Nebraska Department of Economic Development
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