'Opportunity Zones': 3 St. Cloud low-income areas selected to spur development
Tuesday, May 22, 2018
Some low-income and ripe-for-redevelopment areas in St. Cloud could soon be injected with thousands — even millions — of dollars in private investments.
Some of the city's poorest census tracts — spanning Stearns, Benton and Sherburne counties — were nominated last month by Gov. Mark Dayton as federal "opportunity zones," which were established by Congress in the 2017 tax bill to encourage long-term investments in low-income urban and rural communities.
The idea is to attract private investment by providing investors a way to avoid capital gains taxes by investing money for a certain period of time in the opportunity zones.