The Opportunity Zones incentive is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017. It is designed to encourage long-term investments in low-income urban and rural communities nationwide. Investment in Qualified Opportunity Zones provides tax incentives for investors who reinvest unrealized capital gains into Qualified Opportunity Funds.
To learn about the Opportunity Zones initiative, check out the IRS' FAQ about Opportunity Zones.
The Economic Innovation Group created an interactive map of the 8,700 Qualified Opportunity Zones throughout the country. The map shown represents Cherokee's Qualified Opportunity Zone which encompasses most of the City of Cherokee as well as parts of Cherokee County.
Interested in learning more about investment opportunities located within the Cherokee Opportunity Zone? You can learn about these sites with great potential! Have questions? Reach out to Cherokee Area Economic Development Corporation Executive Director, Bill Anderson or the Cherokee Industrial Corporation Director, Shawn Simonsen.
This building occupies a prime location on the corner of Main Street and US Highway 59 in downtown Cherokee. It is often difficult to find existing buildings within Opportunity Zones that meet the requirements of Qualified Opportunity Zone Business Property. The Brummer Building could be renovated into a multi-use property. It is currently vacant.
The Cherokee South Industrial Site is located on the south edge of Cherokee. It is comprised of 99.4 acres of which 74.7 acres have been certified for rail served industrial development. A main line for the Canadian National Railroad is located on the east edge of the site and rail spur can be extended into the site.
This site is 7.2 acres on the south edge of the city, directly off of US Highway 59. A paved frontage road runs north and south along the west side of the property. All utilities extend to the site.