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Town administrator briefs select board on Opportunity Zone renewal prospects for Wareham Village
Summary
Town Administrator Derek Sullivan told the Select Board the Wareham Village Opportunity Zone designation has supported downtown investments and the town will seek support to renew the designation, noting the area sits between two environmental-justice census tracts.
Town Administrator Derek Sullivan briefed the Wareham Select Board on June 16 about the town’s Opportunity Zone designation for the Wareham Village area and the potential benefits of renewing that designation.
Sullivan said there are currently 138 opportunity zones in 79 Massachusetts communities and that Wareham’s designation contributed to downtown revitalization projects, including Harborview and other investments. He described Opportunity Zones as census tracts intended to spur investment and job growth by allowing investors to defer or reduce capital gains taxes when reinvesting in designated areas. Sullivan said the town has submitted information supporting continued designation and will seek letters of support from state legislators to help preserve the status.
He noted the Wareham Village Opportunity Zone lies between two census tracts the town flags as environmental-justice areas—one identified by low income, the other by minority status—and said renewal could help channel reinvested gains into the downtown. Sullivan said he would update the board on any follow-up and outreach to legislators.
