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WEIRTON - Sections of two local communities were included among 52 new Opportunity Zones established in West Virginia.
The Opportunity Zones, announced by Gov. Patrick Morrisey Thursday morning, have been certified by the U.S. Department of the Treasury, with the zones located in 32 of West Virginia's 55 counties. They may be used to provide federal tax incentives in an effort to attract private investment into those areas, support expansion of existing businesses, create jobs and revitalize communities.
"West Virginia is attracting record levels of private investment, and we want to make sure communities in every corner of our state have an opportunity to share in that growth," Morrisey said in a statement released with the announcement. "These new Opportunity Zones give us another tool to bring investment into communities that need it, create good-paying jobs, and help local businesses grow. We're building an economy where more West Virginians can find opportunity close to home."
According to a map made available through the West Virginia Division of Economic Development, the two new local Opportunity Zone tracts include a portion of downtown Weirton, specifically in Hancock County, and an area in and around Beech Bottom in southern Brooke County.
The Weirton tract is identified as census tract 54029021300, while the Beech Bottom tract is identified as census tract 54009031700.
Local economic development officials expressed appreciation for the designations, saying the new zones will be beneficial in ongoing efforts to attract new businesses to the region.
"The BDC appreciates Governor Morrisey's support for Brooke and Hancock counties through these Opportunity Zone designations," Anthony Clements, executive director of the Business Development Corp. of the Northern Panhandle, said. "From expanding industry at Beech Bottom Industrial Park to bringing buildings back into productive use in downtown Weirton, we're working to turn our region's assets into new opportunities. This program gives us another tool to attract private investment, support local businesses, and create good-paying jobs in the Northern Panhandle."
Weirton had received an Opportunity Zone designation in 2017 to include areas of downtown Weirton in Brooke County, as well as portions of Marland Heights, and the Cove Road area.
The program was established through the Tax Cuts and Jobs Act of 2017.
To be eligible for consideration as an Opportunity Zone, a designated area must have a poverty rate of 20% or higher or a median family income less than 70% of designated benchmarks.
The new Opportunity Zones will become effective in January.
(Howell can be contacted at chowell@weirtondailytimes.com)