Government, News

Preston County Commission to seek Opportunity Zone to attract business

The Dominion Post

KINGWOOD — The Preston County Commission authorized the county development authority to seek Opportunity Zone designation for parts of the county to attract business.

According to the West Virginia Department of Commerce, Opportunity Zones are part of the federal 2017 Tax Cuts and Jobs Act.

The areas are eligible to receive private investments through Opportunity Funds. This provides businesses in the area with capital. In return, the investors get tax incentives.

Preston County Economic Development Authority (PCEDA) Director Robbie Baylor needed the commission’s approval in order to seek the designation. She got it on March 5. The state will submit its list to the feds by March 21.

The zones were drawn by the federal government, based on its belief which areas are most likely to benefit from the designation.

Based on the map, Baylor recommended Preston apply for zone status in the area that includes the W.Va. 7 corridor from the Monongalia County line to the Herring Road. To Reedsville only property on the north side of the road is in the zone.

The second zone she recommended was south of Route 7 and includes Kingwood and the corridor to Terra Alta.