Steven Stafstrom

For Bridgeport to be the economic driver our state needs to thrive, it is vital that we continue to invest in the revitalization, reinvention and growth of Connecticut’s largest city.

Last week, it was announced that seven Bridgeport census tracts were forwarded to the Federal Government as suggestions to be added to the list of federal Opportunity Zones.

From our downtown, to Steelpointe Harbor, to Bridgeport’s West End Eco-technology Park and the Cherry Street Loft area, Bridgeport is seeing development growth. By designating these areas as Opportunity Zones, we seek to increase investments in real estate and businesses in these targeted locations by offering federal tax incentives for favorable capital gains treatment and tax breaks.

According to the state Office of Policy and Management, qualifying investments may include a broad range of commercial and residential investments, such as transit-oriented development, affordable housing and mixed-use development, and energy efficiency and renewable energy projects on public and private assets. In exchange for their investments, opportunity fund investors are able to decrease their federal tax burden through the preferential treatment of capital gains.

The Bridgeport legislative delegation worked closely with Governor Malloy to secure this award. This will not only help spur development in our region, but it is also a critical investment in the city’s economic corridors.

Let’s hope the Federal Government now acts quickly to finalize these Opportunity Zone selections.