Opportunity Zone legislation being utilized in North Augusta
Some pieces of Riverside Village are getting funded with a little help from Opportunity Zones.
North Augusta City Administrator Todd Glover said an Opportunity Fund is making investments in Riverside Village, not only in existing construction, but new pieces as well.
Opportunity Zones offer tax incentives to investors who invest in an opportunity fund, which then funds projects in the zones.
Two Opportunity Zones are located in North Augusta, the one that covers Riverside Village is a contiguous tract – it isn’t low-income, but is next to a tract that is.
“It’s an obvious tax break for the fund, but the biggest obstacle for development is capital, and when you make capital readily available it makes development much easier,” Glover said. “So what I think you’ll find is not just in Riverside Village, but in our downtown and other places, it will be much easier for entrepreneurs to get the capital they need to get their businesses started. That’s certainly the intent of the opportunity zone legislation and it’s a big hurdle.”
“I’d venture to say this may be one of the first investments in the state,” Glover said, adding the regulations only came out around a month ago.
There are three Opportunity Zones tracts in Aiken County. One in downtown North Augusta, one in North Augusta and Beech Island, and one on the Northside of Aiken.