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Qualified Opportunity Zones: Investment Overview & Opportunities

Qualified Opportunity Zones: Investment Overview & Opportunities

The City of Canton presents many unique opportunities for development and investment. Our City's market entry costs are currently affordable, but our market is poised for growth and appreciation over the next few decades. We have many exciting investments underway, including the $900 million Johnson Controls Hall of Fame Village as well as a number of investments underway in our Downtown and
neighborhoods.  CLICK HERE to download this information (pdf).

Our City's five designated opportunity zones align with most of our highest-potential investment neighborhoods, including the "Eds and Meds" developments areas anchored by our hospitals and institutions of higher learning and the Hall of Fame Village. Demand for apartments and local businesses is expected to grow given the thousands of new full time and part time jobs projected for the Hall of Fame Village.

Our City has much to offer residents and workers. The Canton Innovation District provides financing opportunities for tech-savvy companies and startups that could utilize its 100-gigabyte- per-second broadband network. We are working with Facebook, RADWIN, and Canton-based Agile Networks to deploy a global pilot for a revolutionary wireless network, which will enable cost-effective access to high-speed internet connectivity.

The Canton Arts District is attracting investment to Downtown with a number of galleries and studios as well as art installations. In addition, several of our historic buildings have been converted into new market-rate apartments, live-work spaces, and offices. This District has many buildings potentially eligible for historic tax credit investment. These credits can be paired with Qualified Opportunity Zone Fund investments to lower your cost basis for redevelopment in our five prime opportunity zones.

We look forward to working with you as you consider investing in our community and its opportunity zones.

Sincerely,

Thomas M. Bernabei
Mayor

"The timing is right for Canton … the eyes of the nation will be on Canton, the birthplace of the National Football League, when the NFL celebrates the 100th birthday in September 2020. Exciting plans are underway for the centennial celebration, which include a vision for the major redevelopment of Market Square in downtown Canton."

-Denny Saunier, President and CEO of the Canton Regional Chamber of Commerce

The City at the Heart of Professional Football

Components include:

A partnership between the Pro Football Hall of Fame and Industrial Realty Group (IRG) will bring new attractions and experiences to the Village, creating a year round destination for Canton residents and visitors alike.

Johnson Controls Hall of Fame Village


Located just west of Downtown Canton along Interstate Route 77


Why Invest In Canton QOZ’s?


Benefits of Locating in Canton, Ohio

  


 Akron Canton Airport

 


City of Canton Qualified Opportunity Zone Tracts


Canton Targeted Core Investment Areas

The City of Canton has prioritized investment areas in the City. These areas align with QOZ targeted areas. The City of Canton has prioritized Capital Investment and has additional incentives in these areas.

 


Downtown Canton

 


 The Canton Innovation District


The Canton Innovation District: Global Pilot for a Revolutionary System


Terragraph by RADWIN is an advanced 60GHz mesh solution that delivers multi-gig wireless access services to homes and businesses in urban and suburban environments, expanding service providers’ network coverage beyond the fiber footprint.

This system, developed in collaboration with RADWIN, Facebookand Intel, will enable rapid and cost-effective access to high-speed connectivity. This cutting-edge technology has many benefits:

The project will serve as a global pilot to showcase how Terragraph can improve the telecommunications infrastructure of midsize cities, ushering in more innovation, economic development, and growth.

                   


Downtown Canton Innovation District


Desirable properties available for both tech companies and for residential rental conversions in and around the Innovation District


Canton Arts District


When Artists move into a community, it is generally a sign that the area is poised for development. Canton has a vibrant artist community and many public art installations.


Downtown Canton Existing Zoning


Downtown Canton –New Apartments

Property Address Apartment Units Rent
Hercules 1000 Market Ave S 90 $1.77/SF
OnestoLofts 225 2ndSt NW 45 $1.30/SF
BlissLofts 217 2ndSt NW 55 $1.77/SF

Vacancy rates are low and waiting lists exist in properties that have been redeveloped and offer a modern feel. More product is needed.


Mercy: Planned Zoning


Mercy Medical Center anchors the City’s expanding biotech sector



Mercy: Targeted Core Investment Area


The City of Canton has targeted resources to a target area within the QOZ.


Mercy Medical Center

 


 Aultman/County Fairgrounds QOZ Planned Zoning


Aultman: Targeted Core Investment Area

The City of Canton has targeted resources to a target area within the QOZ.


Aultman Hospital


Aultman Hospital is Stark County’s largest hospital.


Hall of Fame Village: Planned Zoning


Hall of Fame Village: Targeted Core Investment Area

The City of Canton has targeted resources to a target area within the QOZ.


Johnson Controls Hall of Fame: Youth Sports Complex


 Currently complete: Tom Benson Hall of Fame Stadium, Phase I Youth Sports Complex
Underway: Hotel, Office and Mixed Use components


Hall of Fame Village
New Leadership


Mike Crawford, formerly a senior executive from Four Seasons Hotel and Resorts Company, and Walt Disney Company, was named the new Chief Executive Officer for Johnson Controls Hall of Fame Village in December 2018.


Available Properties


 Available Properties


Available Properties
Land Bank

*Estimates based on historic sales; average sales price per square foot for similar type buildings
**State Historic tax credits are awarded equal to 25% of Qualified Rehabilitation Expenditures, with a cap at $5 million.


Available Properties
By Owner or Broker

*Prices based on owner values or broker listings


Canton Job Creation Wins



* Timken has 21,000 manufacturing jobs worldwide and is headquartered in Canton

Canton is an area known for manufacturing, steel production, and food processing. Area companies continue to grow and expand


 Local Incentives for Projects

The City of Canton can provide several tools to assist in project development in Canton:


Historic Tax Credits (HTC)

The State awarded $5,000,000 to Historic Onesto Lofts (left)and $10,000,000 to Hercules Apartments (above) in State of Ohio Historic Tax Credits in 2007 and 2008, respectively.

 


Senate Bill 8

State of Ohio Legislation for a State Tax Credit for investments in Qualified Opportunity Zones.
- 2/12/2019 –Introduced in the Ohio Senate
- 2/20/2019 -Referred to Ways and Means Committee.

Benefits of Qualified Opportunity Zones
1) Temporary deferral of capital gains reinvested into an Opportunity Fund
2) Step-up in basis for capital gains reinvested
    a) Basis increased by 10% if held for at least 5 years
    b) Additional 5% increase if held for at least 7 years (Must be invested by 12/31/2019)
3) Permanent exclusion from capital gains from sale or exchange of investment in an Opportunity Fund held for at least 10 years.

The intent of Senate Bill 8 is to add a tax credit for Qualified Opportunity Funds to spur investment in Qualified Opportunity Zones in the State of Ohio, 5 of which are in Canton

 

Download the files...

  1. Download Qualified Opportunity Zones

 

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