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Gov. Sununu Nominates 27 Tracts for Federal Opportunity Zones

Thursday, May 3rd, 2018

Since publication of this post, the tracts nominated last month have been so designated by the Department of Treasury. -Ed.

New Hampshire Governor Chris Sununu has nominated 27 low income census tracts of the state to be designated as Opportunity Zones, part of a federal program encouraging economic development and investment in neighborhoods around the country.  Governor Sununu made the announcement from Marceau Park in Franklin, one of the areas designated today.

In New Hampshire, the areas nominated include tracts and contiguous tracts, ranging from the Manchester Millyard, downtown Rochester and tracts in the Seacoast, to the White Mountains and the North Country.

“New Hampshire’s resiliency lies in our local communities – they are the backbone of our society and the focal point of cultural activity,” said Governor Chris Sununu. “For far too long, however, some communities have been left behind. While some have thrived in recent years, others are struggling to keep up. Today, we are announcing 27 Opportunity Zones across the state to encourage investments in areas that are often left behind. Opportunity Zones provide tax incentives to investors to reinvest unrealized capital gains into neighborhoods throughout the state.  These local neighborhoods deserve an economic boost, and that is what we are going to give them. The goal is simple: to create jobs, to increase wages, and to revitalize communities across the state.”


For more information about the Opportunity Zone nominations, visit our website.


“Our goal was to designate tracts that present the best opportunities for investment and can leverage other state and federal resources.  My hope is that once this program is fully deployed, it can serve as catalyst to bringing economic opportunity to New Hampshire communities,” said Taylor Caswell, Commissioner, New Hampshire Business and Economic Affairs.

The program was created by the Tax Cuts and Jobs Act, which provides federal tax incentives to investors in areas designated as an Opportunity Zone and is administered by the U.S. Treasury Department.  States were required to designate 25% of the low income census tracts in the state as Opportunity Zones.  Investors can defer capital gains on earnings reinvested in the zones and long-term investments maintained for over 10 years do not have to pay additional capital gains taxes on earnings from Opportunity Zone investments.

Final designations are subject to federal confirmation and final rules for the new Opportunity Zone are being developed by the US Treasury.


Communities nominated for federal Opportunity Zones:

  • Berlin
  • Claremont
  • Colebrook, Atkinson and Gilmanton Grant
  • Conway/North Conway
  • Derry
  • Dixville Notch, Columbia, Millsfield, Errol, Dummer, Milan, Cambridge, Success, Erving and Wentworth’s Location, Second College Grant
  • Dover
  • Durham
  • Franklin
  • Keene
  • Laconia
  • Lancaster, Kilkenny
  • Lincoln, Easton, Waterville Valley, Livermore
  • Littleton
  • Manchester
  • Nashua
  • Newport
  • Plymouth
  • Raymond
  • Rochester
  • Seabrook
  • Somersworth
  • Stratford, Groveton (Northumberland), Stark, Odell

 

Container Excitement: Rand-Whitney Breaks Ground for New Facility in Dover

Monday, November 23rd, 2015
ProCon002

Groundbreaking in Dover

 

What was all the excitement about in Dover last week? The groundbreaking for the new Rand-Whitney container facility at the Stonewall Industrial Park – all 118,600-square-feet of it.

(We love groundbreakings.)

Taking part in the groundbreaking were local officials and representatives of PROCON of Manchester and Rand-Whitney of Portsmouth. Rand-Whitney is a household name, known for pioneering innovative and environmentally-friendly corrugated packaging for nearly 80 years. PROCON is the designer and construction manager celebrating 80 years and Summit Land Development of Dover is the developer.

The new address in Dover ends years of searching by Rand-Whitney for a location for its new facility, which is now located at the junction of Route 108 and the Spaulding Turnpike.
“At this location, we will be able to hire more employees, bring in new equipment and develop our relationship with our neighbor Stonewall Kitchen and other local businesses,” said Nick Smith, president and CEO.

ProCon001

Coming soon!

Why Dover?
Rand-Whitney operated a corrugated cardboard sheet plant in Dover from 1972 to 2002, but subsequent growth and expansion required relocations over the years to Rochester, then later to the Pease International Trade Port.

When the decision was made to construct a new plant to house its massive operations, Dover’s business friendly environment was a big factor.

“Rand Whitney’s long history in this city and our relationship with PROCON made it a good match,” said Daniel Barufaldi, the city’s economic development director. “It was a true team effort – everyone worked together to move the project forward quickly. They are back where they started, and that’s a wonderful thing.”

Adds Mayor Karen Weston, “Our goal as a city has been to increase economic development and this is such a huge boost to our economy. We are already seeing the economic benefits of having Rand-Whitney here.”

For more information about expanding in or relocating your business to New Hampshire, hop over to our website.

Lorna Colquhoun
Communications Director
Division of Economic Development