What Are Opportunity Zones?
An Opportunity Zone is an economically-distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives.
Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, signed into law by President Donald J. Trump on December 22, 2017, to stimulate economic development and job creation, by incentivizing long- term investments in low-income neighborhoods.
There are more than 8,760 designated Qualified Opportunity Zones (PDF) located in all 50 States, the District of Columbia, and five United States territories. Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged or until December 31, 2026.
EDA and Opportunity Zones
The Economic Development Administration (EDA) provides strategic investments through competitive grants that foster job creation and attract private investment to support development in economically distressed areas of the United States.
EDA is encouraging our economic development partners to think of Opportunity Zone investment as a new arrow in their quiver to not only enhance ROI for business interests, but also to encourage the public/private partnerships needed to drive private investment to distressed areas. Steps EDA has taken to prioritize Opportunity Zones, include:
Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, signed into law by President Donald J. Trump on December 22, 2017, to stimulate economic development and job creation, by incentivizing long- term investments in low-income neighborhoods.
There are more than 8,760 designated Qualified Opportunity Zones (PDF) located in all 50 States, the District of Columbia, and five United States territories. Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged or until December 31, 2026.
EDA and Opportunity Zones
The Economic Development Administration (EDA) provides strategic investments through competitive grants that foster job creation and attract private investment to support development in economically distressed areas of the United States.
EDA is encouraging our economic development partners to think of Opportunity Zone investment as a new arrow in their quiver to not only enhance ROI for business interests, but also to encourage the public/private partnerships needed to drive private investment to distressed areas. Steps EDA has taken to prioritize Opportunity Zones, include:
- In FY18, EDA issued a Notice of Funding Opportunity that made Opportunity Zones eligible for funding from EDA, through its special needs category, even if the area would not meet EDA’s economic distress criteria.
- In June 2019, EDA added Opportunity Zones as one of its five Investment Priorities to help significantly increase the number of catalytic Opportunity Zone-related projects we can fund.
- As part of the White House Opportunity and Revitalization Council (WHORC), Assistant Secretary Fleming is providing overviews of EDA’s role in the initiative at Opportunity Zone roundtables that are bringing together local elected officials, business leaders, community groups, and others across the country.
Opportunity Zones in Northwest New MexicoNorthwest New Mexico has actively engaged in the EDA Opportunity Zones program. The region has a total of 10 opportunity zones (OZs) that span across the three county region. 2 Opportunity Zones are located in Cibola County, 3 in McKinley County and 5 in San Juan County. The Opportunity Zones located in the region are a mixture of rural and semi-urban zones that focus largely on economic based industrial development but does provide opportunity for other industry sectors including retail trade, Educational Services, Health Care & Social Assistance, Manufacturing, Arts, Entertainment, & Recreation, and Transportation & Warehousing to name a few.
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Cibola County
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Census Tract: 35006-974400 | Milan
Headlines tell the story of a reinvigorated Milan and Grants: construction barrels, new community facilities, improved streetscapes and connections, and much more. Lured by a walkable downtown, one-of-a-kind shops, trail connectivity, state lakes, national forests and monuments and the largest concentration of restaurants in the County, developers and investors are rediscovering the value and charm of Milan and Grants. Milan Industrial Park Leveraging a direct connection to the BNSF Transcon, this 675-acre master planned industrial park will include transload for energy, manufacturing, and agriculture. Anchoring it is Mt. Taylor Millwork, a manufacturer of woodpellets. Art & Culture in the Downtown Through collaborative partnerships, downtown Grants is an artistic ecosystem complete with museums, art galleries, and public art attracting entrepreneurs and startups sparking innovation and stimulating business growth. Highway to Innovation All roads lead to Grants, NM, where the spirit of the west still lives. A strong work ethic, pride in community, and resolute faith has transformed this former mining town into the fastest growing city in Cibola County CENSUS TRACT: 35006-946100 | Laguna
The anchor of eastern Cibola County, Laguna Pueblo offers a blend of retail, lifestyle, commercial, business, gaming and culture, as well as the County’s largest employer with Laguna Development Corporation. Laguna Pueblo with investments in utilities and broadband is transforming into a commercial hub. Proximity to the Albuquereque MSA provides access to an international airport and a pool of highly skilled labor. Laguna Development Corporation DC is currently the third largest tribal gaming enterprise in New Mexico. The company enjoys revenues of more than $200 million annually. The company currently has more than 1,100 employees. Food and Entertainment Local chefs utilizing locally-sourced ingredients are reinventing traditional tribal and local cuisine, gaining national accolades and establishing a culinary oasis in the high mesa plateau. Albuquerque MSA With a population of 887,077 people, the Albuquerque MSA provides a deep pool of educated and skilled workers for Laguna. Access to Albuquerque International Sunport is within 30 minutes. | ||
McKinley County
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CENSUS TRACT: 35031-943902 | Mentmore
Investments in support of the Gallup Energy Logistics Park for rail, road access, and workforce training is transforming the Mentmore area into a transportation hub. Proximity to the major southwestern U.S. cities makes this a perfect location for business growth. The soon to be completed Navajo-Gallup Water Supply Project will ensure a sustainable long term water source. Gallup Energy Logistics Park Leveraging a direct connection to the BNSF Transcon, this 2,500-acre master planned industrial park will include transload for energy, manufacturing, and warehosue/ distribution. 20,000 linear-feet of rail is contained on two loops. U.S. Interstate 40 The third longest interstate in the U.S., running from CA to NC, I-40 generates approximately 7,000 truck counts per day in McKinley County. BNSF TransCon Line The Southern Transcon is a rail corridor between southern California and Chicago, IL, and is one of the most heavily trafficked rail corridors in the western U.S. An average of 90 trains daily pass through Gallup-McKinley County. CENSUS TRACT: 35031-945200 | Gallup
Headlines tell the story of a reinvigorated Gallup: construction barrels, new community facilities, improved streetscapes and connections, and much more. Lured by a walkable downtown, one-of-a-kind shops, trail connectivity, state lakes, national forests and monuments and the largest concentration of restaurants in the County, developers and investors are rediscovering the value and charm of the City of Gallup. Gallup Energy Logistics Park Leveraging a direct connection to the BNSF Transcon, this 2,500-acre master planned industrial park will include transload for energy, manufacturing, and warehosue/ distribution. 20,000 linear-feet of rail is contained on two loops. Gallup Municipal Airport With daily service and connectivity to major international aiports, Gallup Municipal Airport ensures ease of access for both visitor and business passengers. Foreign Trade Subzone designation makes it prime for manufacturing. Transportation / Warehousing Access to U.S. Interstate 40 and Gallup’s connectivity to major population centers in the Southwestern U.S. is generating an influx new warehouse development. Major makets include Albuquerque, Phoenix, and Los Angeles. Census Tract: 35031-946000 | PreWITT
The anchor of eastern McKinley County, Prewitt, NM is home to the Prewitt Industrial Cluster; 600-jobs supported by manufacuturing and energy generation. With investments in renewable energy and shovel ready sites, the Escalante Energy Complex is transforming into a national hub for green manufacturing. Companies are leveraging access to rail and transportation networks, and cheap power to grow operations and foster innovation. Escalante Energy Complex A hub for the generation of renewable energy, the Escalante Energy Complex incorporates solar and natural gas to provide clean energy for a cluster of manufacturing firms colocated in the area. McKinley Paper Incorporating clean renewable energy as its power source complete with a zero discharge, water recycling treatment system, McKinley Paper is leading innovation in the manufacturing of recycled paper. Interstate I-40 The third longest interstate in the U.S., running from CA to NC, I-40 generates approximately 7,000 truck counts per day in McKinley County | ||
San Juan County
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CENSUS TRACT: 35045-000401 | Farmington
The Four Corners Regional Airport serves as the primary anchor offering two runways, hangar space, aircraft maintenance, and on demand charter service to and from nearly any destination in the U.S. 130-acres of land north of the airfield provides ample space to grow operations for those seeking availability of high quality infrastructure and proximity to a burgeoning film cluster. Four Corners Regional Airport Owned by the City of Farmington, the Four Corners Regional Airport has undergone a series of facility upgrades and is ideal for aviation manufacturing and/or testing, as well as film and media production. U.S. Highway 64 Connecting San Juan County with Oklahoma and Arizona, US Hwy 64 runs 429 miles east to west, providing a critical corridor for trucking and warehousing and 48-hour access to major markets across the western U.S. Residential Housing Development Corridors including Pinon Hill Blvd and 30th Street provide direct connections to entertainment and shopping yielding an ideal location for new housing development to meet demand for single family detached housing. CENSUS TRACT: 35045-000402 | FARMINGTON
Lured by a walkable downtown, one-of-a-kind shops, venues for music and art, a growing cadre of restaurants and cafes, developers and investors are rediscovering the value and charm of downtown Farmington. The City of Farmington continues to make infrastructure investments necessary to ensure the neighborhood’s success. Downtown District Art, music, and automotive related events attract people to the downtown area providing entrepreneurs opportunity for retail and office endeavors. Civic Center District The District boasts a large event and convention center, Farmington’s Children’s Museum and Science Center and the Bonnie Dallas Senior Center. Animas District Anchored by San Juan Regional Medical Center, the Animas District provides both business and recretional opportunities. Access to the San Juan River promotes a high quality of life. CENSUS TRACT: 35045-000705 | Bloomfield
Tract is a mix of available industrial, commercial, planned unit development, R-3 residential, R-1 residential and agricultural and across U.S. Highway 550 from an existing industrial park. Vacant land is suitable for development. The tract is also adjacent to the San Juan River which offers recreational and tourism-related potential. Arts & Crafts Bloomfield is becoming a hotbed for art, drawing artistic entrepreneurs from all over the country who are drawn to the Four Corner region’s high desert mesas, green river valleys, and white snow capped mountains. U.S. Highway 550 Connecting the Farmington MSA including Bloomfield with the the laegest MSA in New Mexico, Albuquerque, US Hwy 550 has undergone substantial improvements providing a four-lane corridor for ease of transport and access. Bloomfield School District Bloomfield provides high quality education and community amenities and has seen an influx of families seeking affordability and quality of place. CENSUS TRACT: 35045-943000 | Fruitland
Adjacent to the NAPI area, ample land is ready for development and re-purposing. Proximity to NAPI and Raytheon provides access to a highly skilled, highly dependable workforce. Long term development plans for the area forecast continued industrial and agriculture development, and ensure availability of high quality infrastructure. Navajo Agricultural Products Industry The NAPI farmland has an estimated 72,000 acres developed. High standards during growth and processing ensure products are fresh and some of the highest quality on the market. Navajo Gaming Enterprises State of the art facilities and convention space provide a steam stream of patrons creating opportunities for dining, hospitality and entertainment ventures. Four Corners Generating Station Access to industrial utilities and infrastructure offered by Four Corners Generating Station makes this site ideal for manufacturing or energy development. CENSUS TRACT: 35045-943201 | Huerfano
Tract is a mix of available industrial, commercial, planned unit development, R-3 residential, R-1 residential and agricultural and across U.S. Highway 550 from an existing industrial park. Vacant land is suitable for development. The tract is also adjacent to the San Juan River which offers recreational and tourism-related potential. Navajo Agricultural Products Industry NAPI operates three Navajo Pride processing facilities; Bean Plant, Potato Fresh Pack and Flour Mill. 72,000 acre of farmland provides capacity to support entrepreneur endeavors. Chaco Culture National Historic Park Chaco Canyon is concentration of fifteen major pueblo complexes that remained the largest buildings ever built in North America until the 19th century. Raytheon Dine Facility 125,000 square foot complex is used by the world’s largest missile manufacturer to support 12 missile programs such as the Tomahawk cruise missile, Javelin weapon system, and Advanced Medium-Range Air-to-Air Missile. |
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