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
KNOXVILLE, Tenn. – A mother who gave birth to her son while she was in a coma has died away three years after she regained consciousness. WATE reports Sharista Giles died early Monday. It was announced on a Facebook page set up for the woman and her son. Giles’ mother, Anna Moser, said her cause of death is still being determined, but that it happened after she’d been taken to the hospital. In 2014, Giles, who was then four months […]
GUNTERSVILLE, Ala. – A senior prank at an Alabama high school surprised teachers in a way they say they’ll always remember, according to WHNT. Educators have staged walkouts in several states to fight for higher pay and recognition of the work they do for the country’s children. At Guntersville High School though, some members of the Class of 2018 decided to let their teachers know just how much they are valued. “The kids had left a nice little going away […]
BEECH GROVE, Ind. – Police are urging the public to be on the lookout for a large python on the loose in Beech Grove, Indiana. The snake is a Burmese python said to be 14 feet long, according to WXIN. The animal is a pet, but it’s not yet clear how it slithered out of its owner’s home. “She’s not a monster. Just don’t try to touch her, corral her,” the snake’s visibly worried owner told WTHR. “If you see […]
DERBY — The Derby Police Department is seeking information in regards to a chase that led two men inside a the Derby Public Library on April 23. Police released surveillance video that shows one male entering the library around 12:29 p.m. Seconds later, another male is seen going after the other male. At one point, the first male is seen jumping over the reception desk and running out the library as the other male chases him. The first male is seen […]