Carbondale Designated A Federal Qualified Opportunity Zone

May 24, 2018

The U.S. Treasury now officially certifies three areas of Carbondale as federal Qualified Opportunity Zones.

Carbondale Economic Development director Steven Mitchell says this is a new program established in the 2017 Tax Cut and Jobs Act.

"It's an opportunity not only for investors to have some tax savings on their capital gains, but also it's an opportunity for some low-income areas, rural areas to pull some investment from the outside. We really love our local investors, our local business people, the local folks who are investing in the local economy. But, real economic progress happens when you pull money from outside the area."

Mitchell says the process of attracting investors is in the works.

Tract 1 in Carbondale covers the south side of town, including SIU and the Southern Illinois Research Park.
Tract 2 is in southeastern Carbondale, bounded by Wall Street to Giant City Road, and Grand Avenue south to Pleasant Hill Road.
Tract 3 involves the eastern business district, bounded by the Canadian National railroad tracks to the county line, and East Main south to Grand Avenue. This tract also includes Business Park East.