Opportunity Zones are census tracts designated by state and federal governments for a new economic development initiative that will remain in place for 10 years. The 2017 Tax Cut and Jobs Act created this incentive to direct investment into historically disadvantages communities and neighborhoods. It provides tax benefits to holders of capital gains if they invest return in designated zones.
Minnesota has 128 designated Opportunity Zone census tracts out of over 8,700 in every state and territory across the country. Of Minnesota's 128 zones, three zones are in the City of St. Cloud. Click here to see a pdf map of the three zones.
An investment vehicle that is organized as a corporation or a partnership for investing in Opportunity Zone projects or sites. To quality for these incentives, investments must be made through a qualified Opportunity Fund.
Zone includes U.S. Highway 10 (24,000+ VPD) and MN Highway 23 (15,000+ VPD) BNSF Railway, east side of St. Cloud’s downtown (outlined in yellow above), and “Certified Shovel Ready” St. Cloud Airport Business Park. Click here for the St. Cloud Airport Business Park sell sheet. This zone offers commercial investment opportunity in the east side of St. Cloud’s downtown identified as the East Side Art and Industrial Transition Districts in the City’s 2016 Comprehensive Plan, industrial investment opportunity in the St. Cloud Airport Business Park, and commercial investment opportunity along the U.S. Highway 10 and MN Highway 23 corridors.
Zone includes U.S. Highway 10 (25,000+ VPD), BNSF Railway, and St. Benedicts Senior Community. This zone offers investment opportunity in affordable housing and commercial and industrial investment along the U.S. Highway 10 corridor.
Zone includes MN Highway 23 (32,000+ VPD), west side of St. Cloud’s downtown (outlined in yellow above), River’s Edge Convention Center, and St. Cloud State University (daily population of 14,000+ students). This zone offers investment opportunity in multiple catalyst sites for office and hotel development (shown in black stars above) as identified in the City’s 2016 Comprehensive Plan. Click here for the Lady Slipper Lot Catalyst Site. Click here for the North Downtown Riverfront Catalyst Site.
Contact Cathy Mehelich, Economic Development Director at 320.650.3111 with any questions or to request more information.