Hubbard County EDA votes to nominate Park Rapids tract and second tract for opportunity-zone consideration

The Hubbard County EDA/HRA voted to submit nominations for two eligible census tracts to the governor’s office for opportunity-zone designation, prioritizing the Park Rapids tract because staff said it has stronger indicators for positive development impact.

Mary, the HRA director, explained there are two eligible tracts in Hubbard County — a tract along Highway 34 to the east and one that maps to Park Rapids — and that the Park Rapids tract shows higher measured distress (Mary cited a 19.2% poverty rate in Park Rapids versus about 7% in the other tract). She said the nomination packet must be submitted to the governor’s office before the end of June and that staff could sign the application on behalf of the EDA/ HRA.

Board members discussed how opportunity-zone funds can be deployed for business expansion, redevelopment and housing, and Mary noted the tool can help subsidize up-front costs on shovel-ready sites such as HRA-owned parcels adjacent to Meadowview and Meadows Edge. Staff described time limits on capital gains deployment — investors must place capital gains into a fund within 180 days and the fund must deploy most money (90%) within roughly 30 months — underlining the need for projects to be 'shovel ready.'

After discussion, the board moved, seconded and carried a motion to complete and submit the application prioritizing Park Rapids (and leaving the second tract on the list). Staff were authorized to sign the nomination on the EDA’s behalf and proceed with submission.