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City hears Opportunity Zone briefing as staff explores competitive application
Summary
Council members heard a presentation from One Dearborn outlining Opportunity Zone 2.0 benefits and a likely competitive application window; staff encouraged review and discussion before deciding whether Aurora will apply.
Council members on the Aurora City Council heard a briefing on a possible Opportunity Zone designation and a prospective application process from Gage Pace of One Dearborn.
The presentation, delivered at the town manager’s request, described how Opportunity Zones — a federal tax-incentive program first enacted in 2017 — can attract private investment to low-income census tracts. Pace cited Brookville’s experience, saying that designation in 2017 helped catalyze a hotel, senior housing and other downtown reinvestment projects.
Why it matters: an Opportunity Zone designation can make private capital more likely to invest in local redevelopment by providing capital-gains tax advantages to qualifying investors. One Dearborn and staff said the state process will be competitive: only about 25% of eligible census tracts in Indiana are expected to be chosen, and the governor will decide which applications succeed.
Gage Pace said Aurora appears likely to have at least one eligible census tract and that the state of Indiana will announce application guidance soon. He described basic program mechanics: investments made through qualified opportunity funds can receive phased tax benefits over five to ten years and, in some cases, tax-free appreciation after long holding periods. Pace said the federal program’s next iteration (described in the meeting as Opportunity Zone 2.0) will begin accepting applications after state guidelines are issued.
City Manager Austin Woods told council members the presentation was informational, not a request for action; staff will post a longer explanatory video and slide materials for council members and the public to review. Council members and staff discussed whether the redevelopment commission or the municipality should lead an application; Brookville used its redevelopment commission in the earlier round.
Next steps: staff will circulate the informational video and materials and continue coordinating with One Dearborn. Council did not take a vote or formally authorize application work during the meeting.
(Reporting note: presentation and discussion delivered by Gage Pace of One Dearborn and city staff; details summarized from the council presentation.)
