Lima’s latest opportunity zones could lure businesses

News Top Stories Facebook X Pinterest WhatsApp LIMA — When opportunity knocks, businesses new to Lima will now have even greater incentive to open the door. The United States Department of the Treasury announced Tuesday that Lima will receive two additional opportunity zones and have its three existing ones renewed, effective for 10 years beginning Jan. 1. Each zone offers federal tax breaks for developers that meet a threshold of investment, with the goal of encouraging their revitalization of land and buildings throughout Lima. The two new opportunity zones cover Lima’s south side, around Orena Avenue, and the southwest side, around Faurot Avenue. The three renewed zones cover the city’s southwest side, around South Dana Avenue; the near west side, around West Wayne Street; and downtown and the near east side. Factoring into the city’s latest Opportunity Zone applications were available land, the viability of future projects and proximity to ongoing investments, Mayor Sharetta Smith said. The south side zone in particular, Smith said, has an area prime for redevelopment. “We know that No. 1, we have the old EDCO building, which is a site that has been cleaned using brownfield funding,” Smith said. “And so how can you use that brownfield incentive, this opportunity zone incentive, as well as other incentives to build a capital stack for a project?” Furthering revitalization efforts is each zone’s new rural designation, which lowers the necessary amount of capital investment for developers to receive tax breaks. Smith added those breaks will not affect “local or property taxes” for residents, andthey will further prevent investors from having to “pay any taxes on their capital gains” with a new business. The zones also continue the $25 million Arctaris-Lima Opportunity Zone Investment Program established in 2023, which includes a $5 million loan from Lima and $20 million committed by the company to future development. The group will now have an expanded “pool of projects that could be possible,” Smith said, whether growing existing businesses or “attracting new workers to their business.” Smith cited the latest Arctaris development, featuring 18 townhomes at 810 W. North St., as an example of economic stimulation that’s now possible with more opportunity zones. “There were, of course, some temporary jobs with the construction, and you also have full-time jobs with leasing agents,” Smith said. “But let’s just say, and this is all also hypothetical, we talked about how now the EDCO property is in the Opportunity Zone. So if we are able to use that incentive to attract a new user, for that land to come here, that’s an increase in jobs as well.” Maps of Lima’s opportunity zones are available on the city’s website at tinyurl.com/4kd39z6z . Property owners, business owners and investors interested in projects within those zones can contact Shane Coleman, chief of staff, at 419-223-7283 or by email at [email protected] . Reach Peter Bonasso at 567-242-0399. Featured Local Savings