Findlay gets Opportunity Zone 2.0 designation

FINDLAY — The city of Findlay announced that the U.S. Department of the Treasury has designated Findlay's Census Tract 9.02 (39063000902) as Hancock County's only federal Opportunity Zone 2.0. The 10-year designation takes effect Jan. 1, 2027, and gives Findlay a new tool to attract private investment in housing, business expansion and neighborhood redevelopment. "I'm excited about what this designation could mean for Findlay's existing neighborhoods," said Mayor Christina Muryn. "As we focus on revitalization, this gives us another way to attract private investment that can bring vacant or deteriorating properties back into use, create more housing options, and help neighborhood businesses grow." The city worked with Findlay-Hancock County Economic Development to submit four census tracts to the Ohio Department of Development for consideration. The department reviewed local submissions with Gov. Mike DeWine's office. Ohio nominated Tract 9.02, and the Department of the Treasury approved it as one of 260 new Opportunity Zones in Ohio, including 96 in rural communities. The updated program offers enhanced incentives for investment in rural tracts like Findlay's that meet federal economic eligibility criteria. "Findlay's Opportunity Zone gives local investors a new way to put their capital to work close to home," said Matt Gilroy, director of Findlay-Hancock County Economic Development. "We look forward to working with investors, property owners, and businesses to identify projects where this incentive can help move a redevelopment or expansion forward." Under Opportunity Zones 2.0, investors who realize an eligible capital gain from the sale of an asset such as stock or real estate can generally reinvest some or all of that gain in a Qualified Opportunity Fund within 180 days. The fund can invest in qualifying projects within the designated tract, such as rehabilitating a vacant building, developing housing or expanding a neighborhood business. Investors can generally defer federal tax on the reinvested gain for up to five years, according to a release from the city. Those who hold a qualifying investment in a Qualified Rural Opportunity Fund for at least five years can generally reduce the taxable portion of the original gain by 30%. After at least 10 years, investors may also be able to exclude qualifying gains on the fund investment itself. The tract extends from West Trenton Avenue on the north side to West Lima Street on the south side, with Main Street forming its eastern edge. The western boundary extends west of I‑75 near West Trenton Avenue and follows part of Western Avenue farther south. To confirm whether a property is in the zone, use the Census Bureau's address lookup, https://geocoding.geo.census.gov/geocoder, or the federal Opportunity Zones map, https://www.cdfifund.gov/opportunity-zones.