In Cayuga County, the northwest quadrant of the City of Auburn is a Qualified Opportunity Zone. The federal Opportunity Zone program is an economic development tool designed to spur long-term, private capital investment in distressed areas by providing tax benefits to investors. This new program provides tax incentives for those who invest their capital gains as equity for businesses or real estate projects within a designated zone. They receive an immediate tax break, and can eliminate tax on future capital gains, if they make a long-term investment.
The Cayuga Economic Development Agency, in partnership with the City of Auburn, hosted an informational workshop about the new federal Opportunity Zones program on March 4, 2019, at Auburn City Hall. To view a video of the workshop, click here.