(Warrensburg, MO) The Johnson County Economic Development Corporation and the City of Warrensburg recently launched a new website, www.opportunitywarrensburg.com, that highlights the opportunities available in the two federally designated Opportunity Zones located in the City. Aptly named “Opportunity Zone NW” and “Opportunity Zone SW”, the two Zones encompass much of the western side of the City limits.
The Opportunity Zone Program was part of the 2017 “Tax Act” and the City highlighted two areas for inclusion in the State’s nomination to the Treasury Department. Treasury agreed to designate the two areas for the next 10 years.
The program proposes to stimulate private investment and new development inside the Zones by offering a tax benefit to investors who are facing capital gains taxes. Re-investment of those capital gains in an Opportunity Zone Fund and subsequent investment by the Fund into Zone property will divert and sometimes reduce the taxes due. The attractive tax benefit can make the capital needed to complete viable developments available. Opportunity Zone tax benefits may also be combined with other local incentives such as the Enhanced Enterprise Zone tax abatement benefits, where available for qualifying businesses.
Just as investors, developers and businesses play a role, the local economic development agencies and cities can play a role in the Opportunity Zone Program, too. Identifying and marketing the development opportunities is one strategy and standing up a website is one step under that larger strategy. “Attracting private investment toward responsible development deals is key to the economic success of our community. We have added another tool to our economic development toolkit”, Tracy Brantner, Executive Director of the Johnson County Economic Development Corporation offered. Harold Stewart, City Manager agreed, “We are competing for those private investment dollars. It is up to us to maximize the benefits of the Zone in a way that matches our collectively planned growth. This website will introduce a broader audience to the outstanding opportunities here.”
Website content includes an explanation of the program, maps that provide the boundary details of each of the Zones, buildings and sites, incentives and financing, facts and data, and important contact information.
For more information about JCEDC, visit www.growjocomo.com, or contact the JCEDC office at 660-747-0244. For more information about the City of Warrensburg, go to www.warrensburg-mo.com, or call (660) 747-9131