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Opportunity Zones approved in Knox & Warren Counties

Governor Bruce Rauner announced last week that 327 Opportunity Zone have been approved by the U.S. Treasury Department. 

The zones cover more than 85 counties throughout Illinois and aim to support the future of the state through economic growth and investment. According to Rauner, the zones “include some of the most under-served areas of the state that have the greatest potential for improvement. They represent a broad cross-section of Illinois that includes rural, urban and suburban in-need communities that are ripe for investment and job creation.” Knox and Warren Counties each include zones – the south east portion of Galesburg and the entire southern half of Monmouth. Other area Opportunity Zones encompasses the campus at Western Illinois University in Macomb, and the southern portion of Canton in Fulton County.  A three-phase approach was implemented to determine the most effective tracts for recommendation. Phase one involved need based indexing: like poverty rates, unemployment rates, crime rates, and population. Phase two and three further identified the 327 tracts Illinois could nominate. Each county with qualifying tracts received at least one zone – communities across the state were limited on the number of zones. 74th District State Representative Dan Swanson heralded the creation of the Opportunity Zones. Swanson said, the zones “create an opportunity for private, tax-free investment in low-income areas with economic need.” For more information on Opportunity Zones throughout Illinois, visit the Illinois Department of Commerce and Economic Opportunity’s website.

 

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