The Hot Springs Metro Partnership nominated three census tracts outside of downtown for the Opportunity Zone program, reflecting a push to steer federal tax incentives toward areas local officials say have not seen the same level of development.
Interim HSMP President and CEO Cole McCaskill said the three areas have more need for investment than downtown tracts the governor designated as Opportunity Zones in 2018. The program limits federal tax liabilities on profits from the sale of real estate and other assets if they're reinvested in economically distressed areas. Census tracts with high poverty rates or a large percentage of residents earning less than the median family income are eligible.
McCaskill said the federal government asked that rural and residential development be considered when nominations were made. Nominations submitted to the governor's office this summer were made with input from city and county leaders, Visit Hot Springs and West Central Arkansas Planning and Development District.
Since 2014, when the HSMP and the Greater Hot Springs Chamber of Commerce dedicated a position to downtown development, more than 200 businesses have opened downtown, he said.
"We de...