Local entrepreneurship has blossomed through independent investment in historic buildings downtown, creating a shopping and culinary destination for out-of-town visitors. In 2018, Bellefontaine was classified as an Opportunity Zone. Our once-quiet town is now bustling with the energy of possibilities, and we believe our mix of available assets and forward momentum creates the perfect recipe for long-term investment.
Bellefontaine and Logan County Chamber of Commerce are actively in search of real estate developers, corporations and independent investors who are interested in creating new enterprises and opportunities within our community.
WHAT IS AN OPPORTUNITY ZONE?
The Opportunity Zones incentive is a community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in lower-income communities nationwide.
Opportunity Zones are census tracts nominated by state governors and certified by the U.S. Department of the Treasury into which investors can now put capital to work financing new real estate and business enterprises in exchange for certain federal capital gains tax advantages. Selected Opportunity Zone tracts have high need for investment as well as proven growth potential. There are 1.3 square miles within the city of Bellefontaine in Logan County, Ohio that have been designated as a Qualified Opportunity Zone. Logan County Chamber of Commerce and the City of Bellefontaine are actively recruiting new investment in our growing community. We invite you to invest, and become part of our resurgence.
HOW DO I TAKE ADVANTAGE OF THE TAX BENEFITS?
You can get the tax benefits, even if you don’t live, work or have a business in Bellefontaine’s Opportunity Zone. All you need to do is invest a capital gain in a Qualified Bellefontaine Opportunity Fund and elect to defer the tax on that gain.
HOW DO I INVEST IN AN OPPORTUNITY ZONE?
Companies and independent investors with untapped capital now have the opportunity to establish a Qualified Opportunity Fund (QOF) as an investment vehicle. A QOF can be set up as either a partnership or corporation and can be used to purchase stock of a qualified Bellefontaine opportunity zone company, interest in a partnership, or tangible property (real estate) that can be used and grown within our opportunity zone area.
In order to qualify, at least 90 percent of the capital in the fund must be invested in qualifying assets that lie within Bellefontaine’s Opportunity Zone area. The QOF then simply self-certifies by filing Form 8996 (Qualified Opportunity Fund) with its federal income tax return. We invite you to invest, and become part of our resurgence.
QUICK FACTS
LOCATION
35 minutes from I-75 and 1 hour from downtown Columbus. Bordered by US33, a 4-lane highway that sees 23,000 vehicles daily and is home to one of the largest concentrations of manufacturers, R&D firms and logistics companies in Ohio.
US33 between Columbus and Bellefontaine supports nearly 70 automotive companies and contains the 33 Smart Corridor, a 35-mile on road testing environment for autonomous and connected vehicles. The corridor begins 11 miles outside the OZ at The Transportation Research Center (www.trcpg.com). TRC is the largest independent automotive proving ground in North America with a 4,500 acre campus including a new 540 acre Smart Center designed for the off road testing of autonomous and connected vehicles.
BUSINESS ACTIVITY AND INVESTMENT
9 manufacturers, 3 warehouse/distribution centers, Mary Rutan Hospital, and dozens of small businesses call the Bellefontaine Opportunity Zone home.
Honda of America Manufacturing (www.ohio.honda.com) invested $1.9M for a 40,000 sq ft training center in the spring of 2019. Every new Honda production associate receives 2-weeks of training at this location.
Mary Rutan Health (www.maryrutan. org) invested $22M in the construction of a new Urgent Care facility which opened its doors in February 2018. As a major regional employer with award winning capabilities this marks 13 total off-site locations in a four-county region for the hospital.
PowerBuilt Material Handling Solutions (www.powerbuilt.net), a manufacturer of custom lift assist equipment for the automotive industry, has grown from 2 employees in 2010 to over 30 in 2019. They moved into the Bellefontaine Opportunity Zone in 2018 as an ideal location for their company operations.
Majestic Plastics, a plastic injection molding company has grown from a 1,200 sq ft building and 1 employee in 2000 to a 61,000 square foot facility and 54 employees in 2019. The company is thriving and plans to continue expansion inside the Bellefontaine Opportunity Zone.
DOWNTOWN BELLEFONTAINE
Small Nation began investing in the revitalization of Bellefontaine’s downtown area in 2012. Since their first real estate purchase, they have renovated over 30 of the town’s historic buildings and together with their entrepreneur partners, have stimulated the creation of 17 specialty retail stores, 7 new restaurants, 2 event centers and 24 upper floor loft apartments, bringing over $15M in private investment to the area. 60% of the new entrepreneurs are under the age of 40 and 70% of them are women.
Bellefontaine’s first Opportunity Zone fund has been started by Small Town Properties LLC, a Small Nation Company. The Syndicate (www.syndicatedowntown.com), a 225 seat special events center, will be the area’s first project developed by the fund.
