Today, Aaron Backman, Executive Director of the Kandiyohi County and City of Willmar Economic Development Commission, announced the release of the Willmar Opportunity Zone Prospectus. The prospectus highlights the designated census tract in Willmar to potential opportunity zone investors and developers.
Opportunity Zones are low-income census tracks designated by governors and certified by the U.S. Department of the Treasury offering investors a tax-free investment vehicle that creates additional tax base and jobs.
The Opportunity Zone prospectus for Willmar is a research-based document that can be used to engage interested investors from Kandiyohi County and beyond as well as larger institutional investors who are entering the Opportunity Zone investing market.
“This aggressive approach of promoting the Willmar Opportunity Zone has already opened discussions with interested businesses, developers and investors,” said Backman. “Our area continues to be a leader in Greater Minnesota for business opportunity and workforce attraction and this prospectus validates our growth potential.”
Willmar is a prime location for agribusiness, bioscience, and technology businesses and is home to industry leaders. Jennie-O, the nation’s largest turkey processing company, and RELCO, the world’s third-largest dairy equipment manufacturer, are located in Willmar’s Industrial Park. Epitopix, an affiliate of the Netherlands’ company, Vaxxinova, is a veterinary biologics research, development, and manufacturing company located in Willmar. Nova-Tech Engineering, situated on the MinnWest Technology Campus, manufactures and leases poultry-treating equipment used globally.
EDC Business Development Manager, Connie Schmoll believes the Opportunity Zone program and newly released prospectus will attract innovative companies and help existing area businesses with expansion potential.
“With positive economic growth in 2019, investors will need strategies for their capital gains. Rather than seeing local capital gains invested in out-of-state funds, this program offers the same tax-advantages and can bring new development to our community.” said Schmoll. “That is real opportunity with real results that should not be ignored.”
The Willmar Opportunity Zone can drive investments in commercial, housing, and mixed-use projects. This can foster mixed-income housing that is affordable and secure for families most at risk of displacement, including low-income households and households with new Americans. Investments are expected to drive equitable growth and prosperity for current residents within the zone.
The Kandiyohi County & City of Willmar Economic Development Commission consulted with Golden Shovel Agency, a national economic development communication firm on the project.
The mission of the Kandiyohi County and City of Willmar Economic Development Commission is to be a catalyst for economic growth of the greater Kandiyohi County Area. For more information contact Aaron Backman, Executive Director at [email protected] or click here to view the prospectus.