City identifies development opportunities with tax incentives

City identifies development opportunities with tax incentives

Marlborough, MASS. May 2, 2019 – The City of Marlborough presented close to a dozen property development opportunities that offer access to preferential tax treatment, during an Opportunity Zones information session held last week.

About 70 people attended the event, organized by the Marlborough Economic Development Corporation (MEDC), in conjunction with the City of Marlborough, Mayor Arthur Vigeant and Day Pitney LLP, to learn about Opportunity Zones investment opportunities and related legal and practical guidelines.

Mayor Vigeant presented economic opportunity areas on Main Street, East Main Street, Lincoln Street, Bolton Street, South Bolton Street, Boston Post Road East, and Maple Street. Two of the areas discussed were 28 South Bolton Street, which was approved for a five-story mixed-use development building last year, and 57 Main Street, a site recently approved for a mixed-use development project that will include residential and retail spaces. Both projects are part of the Marlborough Village District, an area within one of Marlborough’s two abutting Opportunity Zones.

Qualified Opportunity Zone (QOZ) panelists from Day Pitney LLP also presented new IRS-issued investment fund regulations, outlined guidelines for QOZ businesses, described investor tax benefits and incentives, and fielded pertinent Q’s from attendees.

Last spring, federal officials approved the city’s request to participate in the Opportunity Zones program, a tax incentive initiative to encourage economic development in low-income communities.

“Marlborough’s economic opportunity areas are prime spots for mixed-use projects,” said Mayor Vigeant. “These developments have the potential to greatly benefit investors, while helping to revitalize our city’s neighborhoods, including the Downtown Village District, French Hill and Route 20 East.”

“This information session had a great turnout, with a promising number of potential investors present,” said MEDC Executive Director Meredith Harris. “Marlborough’s Opportunity Zone designation is key to new development projects in the city, and we hope people will take full advantage of this incentive program.”

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For a full video recording of the event, go to: https://youtu.be/zqacccB7dmQ

For images from the event, go to: https://drive.google.com/open?id=1K9B5MbksXRsobomlaQyUwgTPxiq2K3WQ.

About Opportunity Zone Program:
The Opportunity Zone Program is a federally-established program to provide investment incentives for certain census tracts. This is a tool to encourage growth in low income communities. To learn more about the program, go to https://www.mass.gov/opportunity-zone-program.

About MEDC:
The Marlborough Economic Development Corporation (MEDC) is the state chartered economic development corporation for the City of Marlborough, MA and represents a public-private partnership for planning. MEDC works with municipal and private investors to foster economic development, job growth and community revitalization.
For a complete overview of MEDC, visit MarlboroughEDC.com.

About Day Pitney LLP:
Day Pitney LLP is a U.S. law firm with more than 300 attorneys spread across thirteen offices in five states and the District of Columbia. In 2011, Day Pitney ranked 139th on the National Law Journal’s list of the 250 largest American law firms.investors to foster economic development, job growth and community revitalization.
For more information, go to https://www.daypitney.com.

For press inquiries, contact:
Lora Markova
Communications Director, MEDC
press@marlboroughedc.com
617 513 1324

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