FLEMINGTON, NJ – Invest here.
That’s the message officials hope to instill at what they’re calling an inaugural “Opportunity Zone Summit.”
The day-long event is to promote the borough’s “Opportunity Zone.”
Opportunity Zones are a program created by Congress to encourage long-term investment in lower-income areas. It offers temporary tax deferrals for capital gains reinvested in an Opportunity Fund, which is a private sector investment vehicle that invests at least 90 percent of its capital in Opportunity Zones. Taxes owed on capital gains reinvested in the fund are reduced as the fund ages.
New Jersey Opportunity Zones are located in 75 municipalities and Flemington is the only one in Hunterdon.
The summit will be held Thursday, July 11 from 8:30 a.m. to 3 p.m. at the Stangl Factory on Stangl Road here.
Officials say a team of advisors, planners, borough leaders and economic development strategists will highlight the “transformative potential” of Opportunity Zoning.
In a press release, the Flemington OZ team said it has identified opportunity zone shovel-ready sites and business opportunities and identified strategies to streamline the borough’s zoning and permitting processes.
The summit will include questions-and-answers with the Mayor, Planning Board, housing and transportation professionals, County Economic Development, Hunterdon Chamber of Commerce, Business Improvement District, and leaders from real estate, law and financial services.
The Summit will have five strategic sessions:
- An Introduction to as an Opportunity Zone
- Zoning, overlay districts, available properties
- Demographics and Infrastructure - health, housing, education, quality of life
- Financing and the real estate market
- Guided property tours and networking reception
“Flemington Borough’s Opportunity Zone designation gives us incredible leverage to attract the right kind of development,” said Mayor Betsy Driver in the press release. “We are looking forward to leveraging this opportunity into sustainable future growth.”
The state, county and borough have all expressed their support for the Opportunity Zones initiative. The county has awarded Flemington a $9,000 grant to help pay for the summit.
Several businesses and investors have already inquired about Flemington’s designation as an Opportunity Zone, the release states.