Lima establishes Opportunity Zone equity fund

Lima City Council recently approved legislation “establishing an Opportunity Zone equity fund,” LimaOhio.com reports. The move will allow the city to “enter into agreements with Arctaris Impact Investors, the Lima Chamber of Commerce’s Foundation and other entities to make economic and community development investments in the Lima community over the next decade or more,” according to the article. The city can loan $5 million to the equity fund, “to be matched by $20 million in Arctaris capital.” Mayor David Berger said the fund is “an exciting opportunity” that’s expected to ultimately leverage from $80 million to $100 million “in developments in mixed-use facilities, commercial-residential, market-rate housing, small, minority and women-owned businesses.” For more, read the full article.

Economic Development, Project Finance, State Updates