The Department of Economic and Community Development, Department of Housing, and the Governor’s Office have nominated Census tract 4061 in downtown Bristol — an area roughly equivalent to a neighborhood established by the Bureau of Census for analyzing populations — as an “Opportunity Zone” to incentivize private development as the City focuses on downtown development.
“Recently, the Federal Government enacted the Investment in Opportunity Act which provides an opportunity to spur private investment in Census tracts throughout the State of Connecticut,” stated Mayor Ellen Zoppo-Sassu.
“These Opportunity Zones will be given special tax treatment as an incentive to fund worthy projects within the communities that need economic infusion, and we are always looking to leverage benefits and incentives for companies looking to invest here.”
The Opportunity Zone model encourages investors to pool their resources, increasing the scale of investments going to underserved areas.
These funds may seed new businesses, expand existing firms, or undertake real estate development. In exchange for their investments, Opportunity Zone investors are able to decrease their Federal tax burden through the preferential treatment of capital gains.
Qualified Census tracts are those that have a poverty rate of at least 20% or a median income that does not exceed 80% of the area median income.
Just 25% of qualifying Census tracts within the State of Connecticut are allowed to be nominated to the U.S. Treasury for final approval.
The Bristol Opportunity Zone that was nominated is Census track 4061, which encompasses much of Bristol’s downtown district including the State-designated Enterprise Zone, a portion of the Bioscience Zone, and Centre Square.
“The City has selected Census tract 4061 as a top priority for Opportunity Zone designation due to the amount of current and future development projects planned in this area,” stated Justin Malley, Executive Director of the Bristol Development Authority.
Latest Stories From Roundup Partner : FOX 61
We have a chance for lingering showers and storms into the overnight hours as well. Some of the storms could be strong or severe with locally heavy rain and damaging winds as the main threats. Both the Storm Prediction Center and our local NWS office mentioned an isolated weak/short-lived tornado is possible in the northeast this afternoon/evening. It’s a low chance but not zero. Speaking of the Storm Prediction Center, they have included Connecticut in a marginal-to-slight risk of severe […]
WORCESTER, Mass. — The Pawtucket Red Sox say they have signed a letter of intent to build a new ballpark in Worcester, Massachusetts. The Triple-A affiliate of the of the Boston Red Sox made the announcement Friday, signaling an end to its effort to find a new stadium during the past three years. The team is leaving its aging park in Pawtucket, Rhode Island, for a city 40 miles (64 kilometers) northwest. PawSox Chairman Larry Lucchino says the team is […]
INDEPENDENCE, Mo. – A Missouri couple is raising awareness about organ donation after their 15-year-old son saved a little girl’s life. Bret and Eula Motelet said they’re able to better cope with the loss of their son because his heart beats on in someone else. “Just a real joy. I called him my sunshine. He was always happy,” Eula Motelet told WDAF. Brian Motelet’s mother said he was the perfect baby. Then he came down with the flu when he […]
Deputy talks down man sitting on ledge: ‘We’re all here on Earth together, might as well get along together’
JAMES CITY COUNTY, Va – A Virginia sheriff’s deputy is receiving praise from across the country for the quick and compassionate action he took Tuesday afternoon. Deputy James Robinson was called to an overpass near Busch Gardens and found a man suffering a mental health crisis sitting on the edge of the guardrail. Deputy Robinson has worked in law enforcement for more than a decade but has only been with the sheriff’s office since December. Body camera footage shows Robinson […]