GREENFIELD — Attracting new businesses using tax incentives was the theme of a Tuesday presentation on Greenfield and Montague’s “opportunity zones.”
Greenfield’s Director of Economic and Community Development MJ Adams said Greenfield’s federal designation as an opportunity zone came about through a tax deal in December 2017. It creates incentives for investment in low to moderate-income areas around the country.
Adams, Montague Town Planner Walter Ramsey and Franklin Regional Council of Governments Economic Planner Jessica Atwood attended the Massachusetts Opportunity Zones Academy in June to learn about the new program.
Tuesday’s presentation, hosted by LOCUS and Smart Growth America, brought local officials, business owners and residents to the John Zon Community Center. Tola Myczkowska, of LOCUS, and John Robert Smith, of Smart Growth America, spoke about opportunity zone planning and creating a sense of place.
“The program is a tax incentive. It’s intended for those who have capital gains to park them in low-income communities,” Myczkowska explained. “The distinction there is that capital gains aren’t just approved by private developers and investors. There are citizens, there are communities, there are public organizations that have capital gains. Communities also have some bargaining power as far as creating policy and strategy.”
Smith said both Greenfield and Montague need to create “their place.”
“You need to answer three questions. The first is, ‘Who were you?’ The second is, ‘Who are you now?’ And the third is, ‘Who do you aspire to be?’” Smith said. “The challenge is to look past five, 10 or 15 years; you have to have a 40-year vision. You have to find a spot on the horizon line.”
Mayor William Martin said in each municipality, there is interest in revitalizing the downtown areas, particularly with underused buildings.
“We’re hoping we can entice some clever and smart investors to come into Greenfield and Montague and then create some exciting projects,” Martin said. “It takes your capital gain money and you put it in an opportunity zone, and you’re able to defer your payment for a number of years. … It’s an incredible investment opportunity.”
In Greenfield, the focus includes the downtown central business district and downtown neighborhoods from High Street to the Interstate 91 rotary, as well as the Deerfield Street corridor.
The city has been focusing attention on downtown with a recent application for assistance with vacant storefronts, and efforts to redevelop the First National Bank into a cultural arts flexspace.
In Montague, the opportunity zone includes the villages of Turners Falls and Montague City.
The town is focusing on redevelopment of mill sites, especially in the canal district, and is also supporting mixed-use development in downtown Turners Falls, where the recently rehabilitated Shea Theater Arts Center and upgraded public spaces have laid the groundwork for new investment.
Reach Melina Bourdeau at mbourdeau@recorder.com or 413-772-0261, ext. 263.