Contact: Sheila O’Malley 203-437-1598
Today Mayor Cassetti announced the nomination of a census tract area in downtown Ansonia that could have the potential for millions in private investment for the City.
The 72 census tracts were nominated and submitted to the U.S. Treasury for their consideration of Opportunity Zones in Connecticut and throughout the country.
“This nomination will incentivize developers to invest millions of dollars in private funds in Ansonia’s Main Street area. We have so much going on already, this will only increase activity. I am thrilled for our residents and excited about the potential for further development in our downtown. ” Said Mayor Cassetti.
This designation will allow a developer to use unrealized gains from a prior project and invest that money into an opportunity zone. In Ansonia, that investment would be concentrated in the Main Street area. The investor will actually realize two tax benefits; 1) they can re-invest unrealized capital gains from a prior development and 2) they will receive an additional tax benefit by sheltering that new income into and opportunity zone located in Ansonia.
Ansonia was one of 27 municipalities across the state nominated by the Governor. There was a total of 300 census tracts proposed. 72 were nominated.
"This nomination boosts our existing effort to attract Investment to Ansonia. Attracting new investment has been a cornerstone of the Cassetti administration with our Ansonia Recharged campaign, and the opportunity zone program now gives us the ability to take it all to the next level.” Said Corporation Counsel John Marini.
The longer the investor stays with the project, the greater the tax benefit is to them. It encourages them to stay with the investment and not sell the project to another developer. Maintaining stability and consistency for a city like Ansonia.
“It is the job of Economic Development Directors and, in particular Mayor’s and First Selectmen to incentivize development in their communities and to look for ways to bridge the gap in distressed areas so the cost of development can be lowered. It’s impossible to quantify in dollars how much this will mean to Ansonia. This is an invaluable tool in attracting new investment into Ansonia.” Said Sheila O’Malley, Economic Development Director.
List of Communities Nominated in CT
Town/Number of Zones
East Hartford 5
New Britain 3
New Haven 7
New London 3
West Hartford 1
West Haven 2