Governor Eric Holcomb recently nominated 156 Opportunity Zones across the state of Indiana. Three of those are in Vigo County: downtown Terre Haute, State Road 46, and Highway 41 near Locust Street. Formed in the 2017 Tax Cuts and Jobs Act, the federal Opportunity Zone program provides federal capital gains tax incentives to attract private sector investors to low-income communities.
“This program serves as another reason for investors to choose Terre Haute,” states Mayor Duke Bennett. “We know what our city has to offer, but being able to give further incentives for investment will help boost our economy and spur growth in Terre Haute.”
The process of selecting Opportunity Zones involved public input, careful consideration, attention to community need and potential opportunity for investment. The state collected extensive economic data on all eligible census tracts and received close to 2,000 recommendations, including input from 357 local officials, stakeholders, and citizens through an online portal.
“Knowing what opportunities this could provide our community, we submitted six census tracts for Vigo County,” says Steve Witt, President of the Terre Haute Economic Development Corporation and Executive Director of the Terre Haute Department of Redevelopment. “We are very pleased that three were chosen. This will encourage private partners to invest in these areas. Although we’re not yet sure what kind of impact these tracts will offer, certainly having them will become an important part of our development conversations.”
The federal initiative allows up to 25 percent of a state’s eligible low-income census tracts to be designated as Opportunity Zones. For Indiana, that meant Gov. Holcomb could nominate a maximum of 156 census tracts. Once approved by the U.S. Department of the Treasury, the designations remain in place for 10 years—encouraging long-term investment in the selected communities.
The 156 nominated census tracts are located in 58 counties covering all or portions of 83 cities and towns throughout the state. Upon approval of the Secretary of the U.S. Treasury, these Opportunity Zones will cover over 1,000 square miles and the residences of over 500,000 Hoosiers. The average poverty rate in these census tracts is 31 percent.
“Working with the state to advance these opportunities for Terre Haute is vital to our ability to grow. I applaud the City of Terre Haute’s redevelopment team to pursue these zones and find success in doing so,” states Senator Jon Ford.
To view the full list of nominated census tracts and see the designated boundaries of each tract, visit https://www.in.gov/gov/2979.htm.
