WARRENSBURG — The Johnson County Economic Development Corporation and the City of Warrensburg have launched opportunitywarrensburg.com, a website that highlights the opportunities available in the two federally designated Opportunity Zones located in Warrensburg.
Opportunity Zone NW and Opportunity Zone SW encompass much of the western side of the city limits.
The Opportunity Zone Program was part of the 2017 Tax Act and the city highlighted two areas for inclusion in the state’s nomination to the Treasury Department.
The treasury agreed to designate the two areas for the next 10 years.
The program proposes to stimulate private investment and new development inside the zones by offering a tax benefit to investors who are facing capital gains taxes. Re-investment of those capital gains in an Opportunity Zone Fund and subsequent investment by the fund into zone property will divert and sometimes reduce the taxes due.
The tax benefit can make the capital needed to complete viable developments available.
Opportunity Zone tax benefits may also be combined with other local incentives such as the Enhanced Enterprise Zone tax abatement benefits, where available for qualifying businesses.
Just as investors, developers and businesses play a role, the local economic development agencies and cities too can play a role in the Opportunity Zone Program.
“Attracting private investment toward responsible development deals is key to the economic success of our community,” Tracy Brantner, executive director of the JCEDC, said. “We have added another tool to our economic development toolkit.”
“We are competing for those private investment dollars,” City Manager Harold Stewart said. “It is up to us to maximize the benefits of the Zone in a way that matches our collectively planned growth. This website will introduce a broader audience to the outstanding opportunities here.”
Website content includes an explanation of the program, maps that provide the boundary details of each of the zones, buildings and sites, incentives and financing, facts and data and important contact information.
For more information about JCEDC, visit growjocomo.com or contact the JCEDC office at (660) 747-0244.
For more information about the City of Warrensburg, go to warrensburg-mo.com or call (660) 747-9131.