There are two separate levels of local government – Chowan County and the Town of Edenton. Each level of local government may, separately, consider and provide incentives. Terms and conditions for incentive payments are also negotiable based on the particular needs of the client and benefits to the community and are codified in written performance agreements between the Company and the local government unit(s).
Opportunity Zone in Chowan County
A major portion of Chowan County has been declared a federal Opportunity Zone.
From the NC Department of Commerce: A new program with the potential to attract investment capital into low-income areas of North Carolina was created by recently passed federal tax legislation, known as The Tax Cuts and Jobs Act (H.R.1).
The Opportunity Zones Program (Sec. 13823) provides tax incentives for qualified investors to re-invest unrealized capital gains into low-income communities throughout the state, and across the country.
For more information, see:
To review the map of the designated areas or discuss investment options, contact the Partnership’s Executive Director, Mallory Denham. The Chowan County Opportunity Zone includes potential locations for agricultural food production and processing, cold storage, transportation services, and/or as a grocery store or other retail sites, etc.