Michigan City is now marketing its opportunity zones to private developers.
Economic Development Corporation Michigan City released a glossy 31-page prospectus that was funded by the Michigan City Redevelopment Commission.
The prospectus identifies potential opportunities for business investments that would result in federal income tax benefits under the federal opportunity zone program created by the Tax Reform and Jobs Act of 2018. The program offers incentives to encourage private-sector investment in distressed communities, including capital gains tax reductions and a 100% exemption on taxes on investments in opportunity zones for at least a decade.
"Michigan City has many great assets. The opportunity zone prospectus invites potential investors and developers with the chance to see the wonderful characteristics that our city possesses, currently and prospectively,” EDCMC Executive Director Clarence Hulse said.
The prospectus seeks to "communicate competitive advantages, trigger local partnerships and identify sound projects that are ready for the public, private and civic capital." It also highlights amenities in the lakefront city and progress it has made in recent years.
"Michigan City, located in beautiful LaPorte County, is both a recreational paradise and a hub of innovation for manufacturers and artisans," Mayor Ron Meer wrote in the foreword to the prospectus. "Michigan City is now 'the gateway city' to the newest national park, Indiana Dunes National Park. We are LaPorte County’s commercial capital and a city with endless potential for business and economic growth; you will find no better place to live and be inspired."
Michigan City is looking to leverage the new opportunity zones that overlay its Uptown Arts District, Main Street corridor and tax increment financing district to spur more investment and job growth.
"These tools will give developers and investors confidence that the area is ripe for investment and their capital is being placed in growing companies and a diverse population," Meer wrote in the foreword. "The City of Michigan City will support all projects that improve the quality of life for our residents. As we display our zone opportunities, we hope that investors will not only invest in a property but also in the people of Michigan City."
For more information, call 219-873-1211 or visit www.edcmc.com.