CLINTON, Ind. (WTHI) – The City of Clinton could soon see a surge in private investment and economic growth after being nominated for designation as a federal Opportunity Zone.
The initiative, spearheaded through a partnership between Vermillion County, the city, and consulting firm RJL Solutions, aims to bring tax incentives to developers looking to build in the area.
“It creates an area within most of the city limits where developers will actually receive tax credits, and/or other tax incentives, to locate here,” said Clinton Mayor John Moore.
Local leaders worked through state channels to submit qualifying areas to state officials for review.
“Local counties [and] communities could nominate a census tract in their communities that were eligible… to be nominated for the governor for consideration,” said Jonathan Blake, Vice President of Economic and Community Development at RJL Solutions.
Governor Mike Braun selected Clinton’s nominated census tract, and the city is now awaiting final certification from the U.S. Department of the Treasury. Once officially certified, the Opportunity Zone designation would take effect next year and remain in place for the next 10 years.
The federal program is specifically structured to revitalize rural and historically underserved regions.
“The original intent for opportunity zones is to help economically distressed areas,” Blake said. “So, lower-income, rural communities are eligible for opportunity zones.”
City officials already have several local projects underway and hope the added financial incentives will encourage business expansion, new housing, and population retention.
“There are good things about this little city that we can expound on,” Mayor Moore said. “And hopefully with some new development, it will entice the younger generation to, instead of looking elsewhere to move, maybe stay here and help us develop.”
News 10 will continue tracking the certification process and economic development efforts across Vermillion County.
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