Gov. Bevin recently announced three census tracts in the Kyndle region as being certified by the U.S. Department of Treasury as an Opportunity Zone. The Opportunity Zone is a program in the Tax Cuts and Jobs Act of 2017 that aims to encourage long-term investments in low-income urban and rural communities nationwide. These three tracts are among 144 Opportunity Zones certified in 84 Kentucky Counties.
Kyndle identified the eligible census tracts in our region and applications were submitted for Webster and Union counties with the City of Henderson submitting an application for their census tract. The three census tracts certified by the U.S. Department of the Treasury are shown on the map.
“The Opportunity Zones approved today by the U.S. Department of the Treasury provide one more reason for companies and businesses to consider locating in Kentucky,” said Gov. Bevin. “Kentucky will maximize this golden chance to attract economic development projects to communities most in need across the commonwealth, and the Kentucky Opportunity Zone Initiative will strengthen and rebuild both rural and urban areas. Whether along the Mississippi River in West Kentucky, throughout West Louisville’s neighborhoods, or in the heart of Appalachia, these zones will spur investment, growth and community development.”
The Kentucky Cabinet for Economic Development issued a statewide call to cities and counties on Feb. 12 to submit U.S. Census tracts they proposed for Opportunity Zone designation. Using those proposals and independent economic data, the Governor’s office on March 21 nominated 144 tracts – the maximum allowed – for certification by the U.S. Treasury. On Monday, Kentucky was among the first 18 states to have its zones certified by the U.S. Treasury and the Internal Revenue Service. Ultimately, every Kentucky county that submitted a proposal received at least one Opportunity Zone.
Details about the Kentucky Opportunity Zone Initiative, including maps, current corporate investment projects, data, opportunity funds info and more, can be found at KYOZ.org.
“Opportunity Zones give us one more tool for the economic development toolbox to entice companies to locate in certain areas of the Kyndle region” Tony Iriti, CEO of Kyndle said. “We are pleased that the Governor included the City of Henderson, Union and Webster counties among the 144 designees.”
Cabinet Executive Officer Vivek Sarin said Kentucky will compete at the highest levels to win investment and development projects for its zones.
“We see unparalleled prospects that can develop from this initiative, so we’re working to ensure Kentucky’s Opportunity Zones stand out as the most competitive and attractive in the nation,” Sarin said. “Bookmark KYOZ.org because it will become a continually updated hub for zone-specific projects, fund information and related development tools.”
Cabinet Secretary Terry Gill said the agency will partner with communities to help them fully realize their zones’ full potential.
“Through the Kentucky Opportunity Zone Initiative, we want to bring all our cabinet’s resources and knowledge to the table and partner with communities to take full advantage of these designations,” Sec. Gill said. “Success in this initiative will improve the long-term economic wellbeing of individuals and communities within these zones across the commonwealth.”
“These zones will make Kentucky’s communities attractive places to do business, open new facilities and create good-paying jobs,” said U.S. Sen. Majority Leader Mitch McConnell.
“As a leading voice and long-time advocate for lowering the tax rate in low-income communities to spur economic development, I am pleased that Kentucky will be benefiting from the newly created Opportunity Zones,” said U.S. Sen. Rand Paul. “I look forward to the positive results of this initiative to incentivize more business investments to locate in these areas and provide more jobs and opportunities.”