~ The Indiana Economic Development Corporation (IEDC) has recently released guidance for communities in Indiana regarding the state's process for recommending census tracts for designation under the new federal Opportunity Zone 2.0 program. This program, first created through federal legislation in 2017, aims to encourage long-term private investment in eligible low-income communities by offering tax incentives tied to qualified investment funds.

The IEDC's guidance comes as states prepare to nominate eligible census tracts for Qualified Opportunity Zone designation under the updated federal rules. These newly designated zones are expected to take effect on January 1, 2027. The updated program includes new eligibility requirements and no longer allows nearby census tracts to qualify simply because they are next to an eligible area.

One city that has been closely following the updated federal program is Bloomington. The City has been preparing for Indiana's upcoming recommendation process and currently has nine census tracts that may be eligible for consideration.

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In anticipation of this process, the City of Bloomington has already begun coordinating local planning efforts with the goal of identifying redevelopment opportunities, potential investment-ready projects, and long-term economic development priorities. This work is being led by Jane Kupersmith and the City's Department of Economic and Sustainable Development in partnership with local and regional partners.

According to Jane Kupersmith, Director of the City of Bloomington's Department of Economic and Sustainable Development, "Our goal is to ensure Bloomington is positioned strategically and thoughtfully throughout this process." She also added that they are already working collaboratively with stakeholders to identify opportunities that align with Bloomington's long-term vision for growth, redevelopment, housing, innovation, and quality of place.

City officials plan to continue engaging with Monroe County officials, regional partners, developers, investors, and other stakeholders as the state's process moves forward. Mayor Kerry Thomson expressed excitement about this opportunity for Bloomington and its surrounding region. "Bloomington has long served as a center for education, tourism, innovation, entertainment, and economic activity within Indiana," said Mayor Thomson. "We look forward to working alongside the IEDC and our local and regional partners to ensure this process positions Bloomington for meaningful, long-term investment and opportunity."

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Under the federal timeline, Indiana's nomination process will begin on July 1, 2026, with a 90-day submission period for states to recommend eligible census tracts for designation. The IEDC has announced that a public portal will open in the coming weeks so communities, stakeholders, and members of the public can share input and recommendations as part of Indiana's process. With careful planning and collaboration with local and regional partners, Bloomington hopes to attract capital to its community through this federal economic development tool.

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