The city of Danville has been selected for three Opportunity Zones. Governor Bruce Rauner announced some 300 such areas across the state. Opportunity Zones, established by the Federal Tax Cuts and Jobs Act of 2017, present an opportunity for private, tax-free investment in low-income areas with economic need, benefiting residents living in the zones and private investors.
The three selected zones in Danville are on Main Street and Bowman in the so-called East Main Street corridor. Danville officials hope this will encourage and strengthen the infusion of private dollars going into the East Main Street area.
The U.S. Treasury Department approved 327 Opportunity Zone census tract recommendations submitted by Illinois. The zones cover more than 85 counties and aim to support the future of Illinois through economic growth and investment, according to a news release. Officials with Vermilion Advantage submitted 16 Census tract areas for consideration, which ran from Ridge Farm to Hoopeston.