Opportunity Zones are an economic development tool established by Congress in the Tax Cut and Jobs Act of 2017 to encourage long-term investments in low-income communities nationwide. The program provides a federal tax incentives for taxpayers who reinvest unrealized capital gains into "Opportunity Funds", which are specialized vehicles dedicated to investing in low-income areas called "Opportunity Zones".
Opportunity Funds are a new class of private sector investment vehicles authorized to aggregate and deploy private investment into Opportunity Zones. Opportunity Funds allow U.S. investors holding unrealized gains in stocks and mutual funds to pool their resources in projects located in Opportunity Zones, which will be invested in rebuilding low-income communities. Opportunity Funds pool investments in Opportunity Zones. U.S. investors are eligible to receive:
The City of St. Cloud has the following three census tracts designated as "Federal Opportunity Zones". Click here to see a pdf map of the three zones.
Zone includes U.S. Highway 10 (24,000+ VPD) and MN Highway 23 (15,000+ VPD) BNSF Railway, east side of St. Cloud’s downtown (outlined in yellow above), and “Certified Shovel Ready” St. Cloud Airport Business Park. This zone offers commercial investment opportunity in the east side of St. Cloud’s downtown identified as the East Side Art and Industrial Transition Districts in the City’s 2016 Comprehensive Plan, industrial investment opportunity in the St. Cloud Airport Business Park, and commercial investment opportunity along the U.S. Highway 10 and MN Highway 23 corridors.
Zone includes U.S. Highway 10 (25,000+ VPD), BNSF Railway, and St. Benedicts Senior Community. This zone offers investment opportunity in affordable housing and commercial and industrial investment along the U.S. Highway 10 corridor.
Zone includes MN Highway 23 (32,000+ VPD), west side of St. Cloud’s downtown (outlined in yellow above), River’s Edge Convention Center, and St. Cloud State University (daily population of 14,000+ students). This zone offers investment opportunity in multiple catalyst sites for office and hotel development (shown in black stars above) as identified in the City’s 2016 Comprehensive Plan.
Contact Cathy Mehelich, Economic Development Director at 320.650.3111 with any questions or to request more information.