The Daily Star | Denise Richardson
April 23, 2018
ONEONTA – Several local areas, including sites in Oneonta, have been nominated for the Opportunity Zone community development program, which officials said is good news for economic development possibilities.
New York is participating the federal program offered through the Tax Cuts and Job Acts of 2017, which encourages private investment in low-income urban, under-served and rural communities.
The state has recommended 514 census tracts to the U.S. Department of the Treasury for designation as Opportunity Zones, according to state officials who reported that eight tracts are in the four-county area.
The federally designated zones may receive “Opportunity Funds,” which allow a wide array of investors to pool resources to rebuild distressed neighborhoods, officials said, and the Department of the Treasury has 30 days to review and approve recommended tracts.
In the Mohawk Valley region, which includes Otsego and Delaware counties, nominated tracts include the city’s downtown and Oneonta rail-yard sites, officials said.
“Both are areas which offer significant opportunities for investors on announced or planned projects, including those identified in the city downtown initiative as well as Otsego Now’s planned industrial park,” according to Jody Zakrevsky, chief executive officer of Otsego Now, a group that includes the county Industrial Development Agency.
Other Mohawk Valley Regional Economic Development Council area tracts nominated are in Sharon Springs and Cobleskill in Schoharie County and along Interstate 88 in Oneonta, Otsego County, officials said.
City Mayor Gary Herzig said he was pleased that Oneonta city sites were among those 18 tracts nominated from the six-county Mohawk Valley REDC.
“I’m grateful to Governor Cuomo for supporting the city,” Herzig said. “This extra incentive for investors will be helpful to ensure that we succeed.”
In the Southern Tier REDC, nominated tracts were in the town and village of Walton, the town and village of Sidney and the town of Deposit in Delaware County and in the city of Norwich in Chenango County, state officials said.
The state’s recommendations were based on reviews by Empire State Development, Homes and Community Renewal, Department of State and the Regional Economic Development Councils. The review process also involved working with local, state and federal elected officials and incorporating public feedback.
The city of Oneonta is working to implement projects in connection with its Downtown Revitalization Initiative award of $10 million, announced in 2016.
“In New York State, we’ve focused on revitalizing our downtowns and investing in the communities that need it most,” Howard Zemsky, Empire State Development president, chief executive officer and commissioner, said in a media release. “The Opportunity Zone program will be a complementary initiative that helps to attract additional private investment to the hundreds of communities that Governor Cuomo has recommended for this designation.”