What are Opportunity Zones?
Opportunity Zones are a new community development program established by Congress as a part of the Tax Cuts and Jobs Act of 2017. They are designed to encourage long-term investments in low-income communities. This program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into "Opportunity Funds," which are specialized vehicles dedicated to investing in low-income areas called "Opportunity Zones."
The zones themselves are to be comprised of low-income community census tracts and designated by governors in every state.
What Opportunity Zones are located in the City of Bristol, Tennessee?
Tax Increment Financing (TIF)
The Bristol Tennessee City Council, in conjunction with Bristol Housing, has initiated Tax Increment Financing Policies and Procedures (PDF) to foster the redevelopment of blighted properties and to aid in the development of the Bristol downtown.
A Redevelopment Plan was prepared for the Housing and Redevelopment Authority to identify properties appropriate for redevelopment status, either redevelopment districts, or potential redevelopment areas. This plan was prepared for and adopted by the Housing and Redevelopment Authority to guide development decisions and foster the redevelopment of the identified properties. To date, two redevelopment projects have been approved and implemented, the West Ridge Plaza Redevelopment Project and the Southgate Crossing Redevelopment Project. Both projects were approved for Tax Increment Financing by the City of Bristol and Sullivan County.
To submit a project for consideration, please fill out a TIF Application (PDF).