Elyria secures three federal Opportunity Zone designations (UPDATED)

Elyria recently secured three federal Opportunity Zone designations that could create new opportunities for new investment and development in the future.

The designations cover portions of downtown, the Midway Mall coordinator and the area near Leo Bullocks Drive, an announcement from the city said. The three areas proposed by Elyria were selected following a competitive review by the Ohio Department of Development.

The federal Opportunity Zones 2.0 program, established in 2017, provides tax incentives to encourage private investment in designated communities, the announcement said. These incentives give the city an additional advantage in attracting investment for housing, commercial redevelopment and business expansion.

The three areas represent a wide range of opportunities for future growth, including commercial redevelopment, new housing and industrial development, the city said. The designations will support their comprehensive plan and ongoing economic development efforts.

“Having all three of our areas selected is a huge win for Elyria,” Mayor Kevin Brubaker said in the announcement. “This gives us another important tool to attract investment and create more opportunities for our residents. We’re grateful to the state of Ohio for recognizing the potential here in Elyria, and I’m excited about what this means for our future.”

Governor Mike DeWine announced Thursday that there were 260 census tracks total across Ohio that have been named federal opportunity Zones, according to a release from the Governor’s office. A census track is a small, geographically defined area established by the U.S. Census Bureau to collect and analyze population, housing, and economic data within a community.

The new designations take effect on Jan. 1.

State Rep./Senator-elect Gayle Manning, R-Avon, said in a news release that she was pleased with the news.

"I'm excited to see the great impact this announcement will have on our community," said Manning. "As your legislator, my goal is to make Ohio the best place to live, work, and raise a family. Opportunities like this help achieve that goal."

This story has been updated with a quote from Gayle Manning.

Elyria secures three federal Opportunity Zone designations (UPDATED)

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