Meriden, CT---On May 18, Governor Malloy announced that United States Department of the Treasury has approved all 72 opportunity zones nominated last month by his administration on behalf of the State of Connecticut. These nominations were made as part of the federal government’s recently established Opportunity Zone Program to induce long-term investments in low-income communities. The City of Meriden submitted an application to Governor Dannel P. Malloy earlier this month for the purpose of designating several census tracts as "Opportunity Zones". Three census tracts, including 1701, 1702, and 1709 were included in the 72 opportunity zones nominated by the Governor.
The recently passed Tax Cuts and Jobs Act of 2017 included a section aimed at encouraging investment in distressed communities across the country through the creation of “Opportunity Zones”. Governors across the country are empowered by the legislation to nominate areas within their state for designation as Opportunity Zones so long as they meet certain eligibility requirements.
The Opportunity Zone designation will reinforce the ongoing investment and nurture further economic development in Meriden’s neediest areas. The three nominated census tracts, 1701, 1702 and 1709, include several brownfield redevelopment sites, including 116 Cook Ave., the former Factory H site, the Meriden Green, and the former hospital at 1 King Place. The formal designation of these areas as "Opportunity Zones" will help improve the feasibility of site redevelopment using private partners and private investment.
Additional information on the needs and opportunities facing this area can be found here: http://www.meriden2020.com/Downtown-Redevelopment/meriden-choice-neighborhood/