Over the next few months, expect to learn more about the federal Opportunity Zone program — especially because part of southeast Emporia was approved as part of the program a few weeks ago.
City Commissioner Rob Gilligan joined KVOE’s Newsmaker segment to update the program, which is still developing as we speak. Gilligan says this should attract a wide range of potential investment once everything is finalized.
The Opportunity Zone policy was developed as part of the federal tax reform package passed in December. Each state and the District of Columbia could pick up to 25 percent of their poverty census tracts for the program. Gilligan says the Opportunity Zones can also be used as a tax incentive by investors.
Once the plan was announced late last year, the city began working with local lawmakers to see how best to move forward and to select potential census tracts that could have the biggest impact from the program. Gilligan says funding policy should be developed by summer.
Industrial Park III is in the census tract chosen for an Opportunity Zone, and that’s important because of the recently-announced $3.5 million water tower project near Simmons Pet Food — including a $1.3 million federal grant to offset some of the costs.
