Census tracts identified as Economic Opportunity Zones would
provide incentives to stimulate local economic development
Two tracts of land in the City of Oshkosh have been recommended
as Economic Opportunity Zones (EOZ) by Governor Scott Walker as part of a U.S.
Department of Treasury community development tax incentive program.
The EOZ Program provides incentives for long-term capital
investment into distressed areas of identified communities. The zones present
opportunities for private, tax-free investment into the designated areas of
economic need that will benefit residents living in these zones. Investors will
also benefit as they will receive reduced tax liability on their investments
and other tax incentives.
In collaboration with the City of Oshkosh, the Greater
Oshkosh Economic Development Corporation selected three tracts of land in the
community that met EOZ program requirements, subsequently encouraging others to
recommend them to Governor Walker.
Greater Oshkosh EDC looked at an area’s population, poverty
level and unemployment rate from U.S. Census data to determine eligible tracts
of land in Oshkosh. Governor Walker has included two of the three suggested
Oshkosh tracts among his recommended Wisconsin tracts as potential opportunity
zones for redevelopment.
The first tract is in the Central City, north of the Fox
River and south of New York Avenue along both sides of N. Main Street in a
jagged C-shape. According to U.S. Census data, it’s population of 6,238 has a
41.3 percent poverty rate and 7.1 percent unemployment rate.
The second recommended tract, the proposed Sawdust District,
includes the area east of Minnesota Street to the shores of Lake Winnebago from
9th Avenue to Waukau Avenue. It has a population of 3,134, 20.4 percent poverty
rate and 3.3 percent unemployment rate.
“We are extremely pleased that two tracts in the City of
Oshkosh are under consideration for the Economic Opportunity Zones program.
Being selected would provide us with another tool to encourage investments in
areas identified as opportunity zones and accelerate development and
redevelopment efforts in the city,” said Jason White, president and CEO of
Greater Oshkosh EDC.
Assuming one or both tracts of land are selected for the EOZ
program, Greater Oshkosh EDC would serve as the community liaison to ensure
compliance and work with the City of Oshkosh, private investors, developers,
and other organizations to coordinate development projects in the city’s
designated opportunity zones.
Governor Walker submitted a total of 120 recommended parcels
of land from more than 40 counties across Wisconsin to the U.S. Treasury for
consideration. Treasury officials are expected to make their final selections
within two months’ time based on the Governor’s recommendations.
Greater Oshkosh EDC
was founded in 2015 and exists to preserve the health of existing companies,
foster a positive entrepreneurial environment, connect companies to workforce and
talent development resources, enhance the business climate and promote the quality
of life in the greater Oshkosh area. For more information, visit:
www.greateroshkosh.com.
