New Jersey Opportunity Zones are located in 75 municipalities. The borough’s Opportunity Zone Committee has begun its work to best to leverage the designation.
“Flemington Borough’s Opportunity Zone designation gives us incredible leverage to attract the right kind of development that fits our beautiful town,” said Mayor Betsy Driver in a press release. The program offers temporary tax deferrals for capital gains reinvested in an Opportunity Fund, which is a private sector investment vehicle that invests at least 90 percent of its capital in Opportunity Zones.
Businesses are represented on the borough’s Opportunity Zone Committee “In order to work to maximize this federal opportunity.” The group plans to market the Opportunity Zone designation and will include a Flemington-focused Opportunity Zone Summit to showcase the Borough to developers, investors and planners. The state has established a website specifically dedicated to promoting and explaining Opportunity Zones.