GREENVILLE, S.C. (WSPA)–Opportunity Zones were established by Congress two years ago. Now, South Carolina is starting to reap the benefits.
“My objective is to actually see the good people in those communities benefit from the new resources coming into the community,” said Sen Tim Scott, R-South Carolina.
Senator Tim Scott was the keynote speaker at today’s Opportunity Zone summit meant to create a community across the state.
“We’re hoping to connect people from all across the state so we can get projects done for all of us in every area,” said Mark Elliott with the South Carolina Opportunity Fund
He says the program is designed to give federal tax incentives to those willing to invest in these specified zones.
“There are secondary and tertiary communities to the bigger cities they have great market economics and for some reason investors haven’t wanted to put their capital into that,” said Elliott.
Communities like Travelers Rest.
“So we want people to come in and spend money but also stay in the community for the long haul,” said Travelers Rest Mayor Brandy Amidon.
She says the Pinestone Development project is one such plan that takes advantage of the Opportunity Zone.
“You’re getting great tax benefits, but you’re also investing for the long term. So it’s all about community development, how you’re making an impact for the community you’re putting dollars into,” said Amidon.
The project will eventually become residential developments and a space for commercial businesses, all looped into the Swamp Rabbit Trail. It’s the type of plan Elliott says Opportunity Zones are all about.
“We’re going to utilize this program to grow these cities to what they probably should have been if people would have been paying attention to them the way they should have,” said Elliott.
And it doesn’t stop there. Opportunity Zones exist in all 46 counties across the state leaving lots of room for growth.