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New economic opportunities could be coming for businesses in Sioux City

New economic opportunities could be coming for businesses in Sioux City

These opportunities are aptly named "Opportunity Zones" and make money available to invest in businesses in certain neighborhoods.

Monday night the Council voted to apply to have some of its neighborhoods chosen for that designation.

Opportunity zones are chosen by the federal government, which will choose a maximum of 25% of the areas that apply from each state.

Economic Development Director Marty Dougherty told us why this is something they are pushing for, "It's something that's being attempted to get a lot of the capital that's around the country looking for a place to invest, to invest in areas that could use it, that could benefit from it."

Sioux City's application is due March 19th and the governor has thirty days after that to submit it to the Feds.

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