Opportunity Zones

Buildings along 16th Street in downtown Ashland. KEVIN GOLDY | THE DAILY INDEPENDENT

ASHLAND Furthering growth in areas that need an economic boost.

That is the goal of the federally designated Opportunity Zones, which seek investors to further economic growth in designated areas that include locations in Boyd and Greenup counties.

On Tuesday community members will have the chance to learn more about the Tri-State Opportunity Zone, P3 as well as the Angel Investing Forum.

The forum, hosted by the Ashland Alliance, will be held from 10 a.m. to 3 p.m. at the Highlands Museum and Discovery Center. It will feature a session about Opportunity Zones and public-private partnerships (P3s), a networking lunch and an introduction to Angel Investin. The Tri-State Angel Investment Group is made up of local investors with a vision to bring jobs to the area and better the community.

Sizable sectors of Boyd and Greenup counties were designated as new business investment Opportunity Zones by the federal government last April, meaning those who invest in, start up or expand business operations in the zones will be eligible for significant federal tax breaks. At the time, a press release issued by Kentucky Gov. Matt Bevin announced that the U.S. Department of the Treasury certified 144 Opportunity Zones in 84 Kentucky counties under 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. 

Local Opportunity Zones include downtown Ashland, EastPark Industrial Center, Greenup and much of Greenup County's waterfront.

Ashland Alliance Chief Executive Officer Tim Gibbs said the forum will be a good way to bring professionals in on the matter to educate those interested in investing. He said the new rules and regulations surrounding Opportunity Zones have recently come out, noting there haven't been any investments yet in the local area.

“We're one of the first communities embracing it as a tool,” he said.

Gibbs said there's a lot to be learned out Opportunity Zones, adding the forum is a great way to bring enticing concepts to the table.

“I'm really looking forward to being a part of it,” he said about the zones.

(606) 326-2653 |

radkins@dailyindependent.com

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