The City of Whitewater may soon have a new tool in promoting economic development within the community.
Last week, Governor Scott Walker nominated two areas of the community to be named as Economic Opportunity Zones (EOZ).
“This new EOZ program allows for private investments to be made, with significant tax benefits, in lower income communities like ours that need a boost to their economy,” said Larry Kachel, Chair of the Whitewater Community Development Authority (CDA). The CDA nominated three Low Income Census Tracts for the EOZ designation. Two of the three were selected by Governor Walker and forwarded on to U.S. Treasury Department for review and final certification, along with 118 proposed zones statewide.
The two proposed EOZs include the portion of the City located in Walworth County, east of Franklin Street and the portion of the City located in Walworth County west of Franklin Street and north of Main Street. To view the EOZ map,
“Adding the EOZ designation to our economic development toolkit puts us in an even better position to attract new business and jobs to our community,” said Dave Carlson, Executive Director of the Whitewater CDA. The Whitewater CDA also has a revolving loan fund (RLF), a Capital Catalyst fund that provides grants and loans to startup businesses and the ability to use Tax Increment Financing (TIF) to stimulate development.
The Whitewater Community Development Authority is the economic development organization for the City of Whitewater. It exists to encourage and help people and businesses invest in the City while creating jobs, increasing the tax base, and improving the community’s quality of life.