From Hopewell City Government Staff:
W E Bowman, who are responsible for the Francisco Landing Development located on Appomattox Street, are currently in discussions with an Opportunity Zone Fund for further investment in their project. Opportunity Zones are a new incentive established by Congress in the Tax Cuts and Job Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. Hopewell has two designated Opportunity Zone tracts, one that encompasses Downtown and the other along the Route 36 corridor. Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds.