Piqua highlights redevelopments as Miami Valley cities try to become 'Opportunity Zones'
Thursday, March 29, 2018
Justin Sommer, the Economic Development Director and Assistant City Manager for Piqua, said the city is aggressive when it comes to trying to develop and redevelop the area.
Sommer says the city only had two weeks to respond to the state's request for potential Opportunity Zone sites.
"[Opportunity zones are] really designed for areas that are ready for development, have projects on the shelf ready to go," Sommer said.
What is an Opportunity Zone? They were created with the Tax Cuts and Jobs Act. Long story short, they are designed to drive long-term private investment in areas by offering tax incentives.
The area being considered in Piqua is from downtown to Concord Township and between the Great Miami River and McKinley/Washington Road.
Sommer said if chosen, it wouldn't just be limited to new development either.