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Vruwink calls on Governor for City investment

5/1/2018

 
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OFFICE 
OF THE 
​
MAYOR

March 19, 2018
Contact: Jennifer Clark Phone:
715-421-8216
E-mail: jclark@wirapids.org

Mayor Vruwink calls on Governor Walker to designate City investment zones

Monday, March 19 – Wisconsin Rapids Mayor Zachary Vruwink is calling on Governor Scott Walker and State of Wisconsin economic development officials to meet a deadline to benefit from a Federal tax code provision that promotes investment in qualifying low-income communities (LICs). Wisconsin Rapids has two such qualifying census tracts.

Section 13823 of the Tax Cuts and Jobs Act of 2017 authorizes a process for state governors to spur investment in low-income communities, through the designation of “Opportunity Zones,” making it easier for mainstream private investors to support businesses and distressed communities. Opportunity Zone provisions include:

●Designation of criteria for Opportunity Zones in every state and territory;
●Establishment of a new class of private investment vehicles called “Opportunity Funds”; and
●Incentives for investors to re-invest their capital gains in Opportunity Funds to provide patient capital forlow-income communities.

Governors currently have a deadline of March 21 to submit a list of designated census tracts through which Opportunity Funds can flow. Once approved, these designations will remain in place for 10 years. If necessary, governors can request a 30-day extension.

“We have an immediate need for Governor Walker and State agencies to work with us to designate qualifying areas of Wisconsin Rapids for this opportunity,” said Mayor Vruwink. “As we continue to grow our economy and create jobs for our residents, we need every investment tool available to accomplish this- action must be taken now.”
​
The Department of Treasury must complete certification of Opportunity Zones within 30 days of receipt of a nomination from a governor. Thus, implementation of the program could begin as early as the fourth quarter of 2018.
​
Mayor Vruwink calls on Governor Walker to designate City investment zones

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City of Wisconsin Rapids
444 West Grand Avenue
Wisconsin Rapids, WI 54495

715-421-8200
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  • Home
  • Government
    • City Directory
    • Budget >
      • 2019 Budget Summary
      • 2019 Departmental Budget
      • 2018 Budget Summary
      • 2018 Departmental Budget Summary
    • Common Council
    • Committees, Commissions, Councils & Boards >
      • Meeting Agendas & Minutes
      • Common Council
      • Appointments
    • Mayor >
      • About the Mayor
      • Functions of the Mayor
      • Mayors of Wisconsin Rapids
      • No Mow May
      • Mill Idle Resources and Impact Mitigation
    • Municipal Code
  • Departments
    • Airport >
      • Airfield Information
      • Airport History
      • Airport Accomodations
    • Assessor's Office
    • Attorney >
      • City Prosecutor
      • Referrals for Other Legal Matters
    • Clerk >
      • Election / Voter Information
      • Licenses and Permits
    • Community Development >
      • Historic Preservation
      • Economic Development
      • Creative Placemaking
      • Ordinance Control
      • Permits and Inspections
      • Planning and Zoning >
        • Recovery and Redevelopment Plan
      • Sustainability
    • Engineering >
      • Transportation Utility
    • Finance >
      • Payments
      • Pet Licenses
      • Property Tax
      • Donate
    • Fire >
      • Services
      • Firefighter Associations
      • Fire Safety For Children
      • Fire Regulations
      • Events
      • Fire Safety for Homeowners
      • Hiring Process
    • Human Resources >
      • Employment
      • Employee Benefits
      • Employee Forms
      • Job Opportunities
    • Innovation & Technology >
      • Maps/GIS
    • Lowell Center
    • McMillan Library
    • Municipal Court >
      • Pay Fines
      • FAQ - Municipal Court
    • Parks & Recreation >
      • City Parks
      • Dog-Friendly Parks
      • Mead Field Splash Pad
      • Municipal Zoo
      • Park Shelters
      • Recreation Programs
      • Skate Park
      • Witter Park Aquatics Center
    • Police >
      • Records & Services
    • River City Cab
    • Streets >
      • Yard, Brush & Compost
      • Garbage & Recycling
      • Snow Removal
    • Wastewater Treatment Plant
    • Waterworks and Lighting Commission
    • Wisconsin Rapids Community Media
  • Community