Ohio Governor John R. Kasich lists Piqua’s Southview neighborhood in his recommendations of eligible census tracts for inclusion in the newly created “Opportunity Zones” to the US Treasury. Only 25% of eligible tracts will receive designation as an Opportunity Zone.
The Tax Cuts and Jobs Act of 2017 established Opportunity Zones to spur private investment in distressed communities throughout the country. Opportunity Zones advance President Trump’s goal that the benefits of the Tax Cuts and Jobs Act reach across the entire country and boost economic development and job opportunities.
The Piqua census tract stretches south to the Washington/Concord township line and is bordered by the Great Miami River to the east and McKinley/Washington Road to the west. This area has seen significant public and private sector investments in projects such as the Riverway Trail System and Sherry Industrial Park. Future development can leverage plans by Miami County for improvements at County Road 25A and I-75 Exit 78.
“Over $26 million has been invested into this section of Piqua, but it is poised for more growth,” stated Justin Sommer, Assistant City Manager and Economic Development Director for the City of Piqua. “With infrastructure improvements such as the new water tower on Fox Drive and plenty of available land, Piqua is well positioned for new development.”
Opportunity Zones are designed to increase capital investment into areas with unrealized potential for growth. Economic incentives relate to the tax treatment of capital gains, all of which are tied to the longevity of an investor’s stake in a qualified Opportunity Fund, providing the most upside to those who hold their investment for 10 years or more.
In a letter of support to Governor Kasich, Piqua Mayor Kazy Hinds said, “Your inclusion of these tracts as Opportunity Zones would help to accelerate more than $70 million dollars of planned new investment in industrial, commercial, residential recreation and public space development. The City of Piqua is aggressive in attracting new development and we fully expect that the Opportunity Zone will be catalytic for Piqua, Miami County, the Dayton Region and Ohio.”
Final designation of Opportunity Zones will be determined by the US Treasury in the next 30 days.
For more information, contact Justin Sommer, Assistant City Manager, City of Piqua 937.778.8198.