MONMOUTH, Ore. — The city of Monmouth has received a federal Opportunity Zone designation that officials hope will encourage new investment and economic development.
The U.S. Department of the Treasury announced the designation November 5.
The federal Opportunity Zone program is designed to encourage long-term private investment in designated communities through tax incentives for qualifying investments.
City officials say the designation could help attract businesses, create employment opportunities, stimulate economic activity and encourage redevelopment of underutilized properties.
The designation is particularly significant for smaller communities seeking additional tools to encourage economic growth and attract private investment.
