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The original item was published from 5/25/2018 3:30:53 PM to 6/16/2018 12:00:03 AM.

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Posted on: May 25, 2018

[ARCHIVED] Grove Area Designated as Opportunity Zone

Opportunity Zone Map

The Grove area of James City County (JCC) has officially been designated an Opportunity Zone by the U.S. Department of Treasury. Governor Northam submitted 212 Opportunity Zones to the Treasury in April, all of which were approved. Each state was allowed to nominate qualified census tracts as potential Opportunity Zones because of the Federal Tax Cuts and Jobs Act of 2017 that passed in December 2017, which included provisions for a new revitalization tool, the Opportunity Zone and Opportunity Fund. The zones and funds will allow investors to receive tax benefits on currently unrealized capital gains by investing those gains in qualified census tracts.

In Virginia, there were 901 low-income census tracts eligible for nomination. The maximum number of nominations for the Commonwealth of Virginia was 212 under the program guidelines. This District includes James River Commerce Center, the former BASF property, and Greenmount Industrial Park and extends north to Yorktown Naval Weapons Station.  In addition to the Grove District, other nearby Opportunity Zone designations include adjacent tract in Newport News and a tract in the City of Williamsburg.

The rules associated with qualification of Opportunity Investment Funds and Qualified Opportunity Investments must be written at the federal level and are expected to be formalized later this calendar year. Virginia’s Opportunity Zones are already areas of significant effort and focus at the state and local level and these zone nominations are intended to attract additional private investments.

The Virginia Department of Housing and Community Development coordinated the nomination input process with the Virginia Economic Development Partnership and each locality using a number of criteria.

Click here for a link to the Virginia Opportunity Zone website, and click here for a map of Virginia’s Qualified Opportunity Zones.

Media Contact:
Amy Jordan, Director of Economic Development

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