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City staff says Opportunity Zone nominations submitted to help attract investment
Summary
Staff told the Redevelopment Commission the city submitted two Opportunity Zone nominations, backed by project profiles prepared with Baker Tilly, aiming to highlight existing development and attract housing, retail and lodging investment.
City redevelopment staff told the commission that Rochester submitted two Opportunity Zone nominations to the governor’s office for consideration by the U.S. Department of the Treasury. The nominations cover one census tract primarily inside Rochester and a second tract south of the city intended to capture industrial and commercial areas. "They're based on census tracts and designated by the US Department of Treasury," a staff member said, explaining the nomination process.
Staff said the submission included 10 project profiles prepared with consultant Baker Tilly to show active local investment and readiness for new projects. "We're saying we're already doing all these things," the staff member said, noting profiles are intended to strengthen the application by demonstrating current development. Commissioners said the designation could help attract capital for housing, retail and lodging by offering tax-advantaged treatment of capital gains over long holding periods. The commission did not take a formal vote on the nominations at the meeting and expects further updates as the state review proceeds.
