Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Select Board votes to pursue Opportunity Zone 2.0 designation for northern census tract
Summary
After a presentation from planning staff, the board voted to move forward with an application to designate the town's northern census tract (33009961001) under Opportunity Zone 2.0. Staff will prepare materials and solicit letters of support from property owners.
Joseph from the planning/economic development staff told the board that under the revised Opportunity Zone 2.0 criteria Plymouth’s northern census tract (33009961001) is currently eligible while the southern tract that includes much of Main Street is not. “So, designating an opportunity zone doesn’t mean that development will happen. It’s just an incentive that developers can utilize,” Joseph said, outlining capital‑gains deferral mechanics and the rural 30% step‑up in basis.
Board members asked what types of projects could use the incentive; Joseph said the program skews toward larger, packaged projects — though infrastructure investments and some smaller projects could qualify under rural incentives. After discussion about timing and the need for letters from property owners, a board member moved to proceed and the Select Board voted to authorize staff to prepare the application and seek property‑owner support. The board noted the designation would last 10 years if granted and asked staff to return with application materials for review before the August 28 deadline.
