With what Forbes Magazine called “the most unbelievable tax break ever,” Mankato has a great shot at accelerating improvements in its Renaissance plan for downtown.
Widely ignored by mainstream media until recently, a little-known provision was tucked into the tax-cut law last year. The “Investing in Opportunity Act,” according to Forbes, promises to “pump a massive amount of cash into America’s most impoverished communities by offering wealthy investors and corporations a chance to erase their tax obligations.”
Two of those zones submitted by Gov. Mark Dayton were approved by the Treasury and now are open for investments even before the final regulations are approved which should be sometime this summer.
As I mentioned in our press release, “This has the potential of accelerating the goals of the Renaissance Plan especially with Old Town and Sibley Parkway. It has generated a great deal of interest not only with real estate developers but high-tech companies looking to put their capital gains to good use.” In fact, at a half-day presentation regarding more information on O-Zones, it was standing room only for Realtors, developers and investors.
For more information regarding Mankato’s O-zones, just follow this link.