FLEMINGTON, NJ – Hunterdon Freeholders continue to support efforts to cultivate economic growth in the county.
At their meeting Tuesday, the Freeholder board awarded two Economic Deevlopwemnt Grants prososed by county Economic Director Marc Saluk.
Flemington was approved for a $9,000 grant. The money will be used for the “marketing and promotion” of the borough’s designation as an Opportunity Zone.
Although there have been 75 municipalities in N.J. that have been awarded the designation, Flemington is the only Opportunity Zone in Hunterdon.
The program 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. A permanent exclusion from taxable income on capital gains applies if the investment is held for at least 10 years before the fund is sold or exchanged.
The state has created a website dedicated to explaining and promoting the concept. The county grant requires the borough to contribute $1,000 towards the effort, which Borough Council approved May 28. Council is planning a summit on its Opportunity Zone for July 21.
The Freeholders also awarded an $8,550 grant to Clinton. the money will be used to help pay the cost of upgrading the town’s website. The intent is to create a single point of access for town plans, ordinances, zoning maps, tax maps, applications, checklists and timelines.
The grant also requires the town to contribute 10 percent of the grant amount towards the effort.