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SUBJECT: <br />ENTERPRISE ZONE UPDATE <br />DATE: <br />MAY 8, 2025 <br />PAGE2OF2 <br />application in the fall. The Economic Development Commission will review our <br />application, and the new zone boundaries will go into effect January 1, 2026. <br />Once the zone is in effect, businesses can pre -certify and start taking advantage of the <br />tax credits. Businesses must pre -certify with the zone administrator every year before <br />they take the action they are hoping to get a credit for. The pre -certification essentially <br />registers the business with the administrator and verifies their location is within the <br />Enterprise Zone. <br />At the end of the year, the businesses will verify the activities taken at the time they <br />complete their taxes. The tax credit will then be issued from the state. <br />FISCAL IMPACT: <br />There is no fiscal impact to the City by the state adopting an Enterprise Zone. <br />RECOMMENDATION: <br />Staff recommends EVC review and provide feedback. <br />ATTACHMENT(S): <br />1. None. <br />CITY COUNCIL COMMUNICATION <br />