On Monday, the U.S. Department of treasury confirmed that two districts in Norfolk would be designated as Opportunity Zones.

Norfolk City Administrator Andy Colvin explains just how they were selected.

“Each state can designate a certain number of areas known as opportunity zones they are based on census tracks,” said Colvin. “(They) are focused on low income or economically disadvantaged areas.”

Opportunity Zones were created as a part of the Tax cuts and jobs act of 2017 in an attempt to spur businesses to invest in an area by giving them certain perks.

“Once (an) investment takes place then those that do invest get certain tax advantages,” said Colvin.

Colvin believes that the way the Opportunity Zones work will be beneficial to both the investors and the community.

“Really it's a win win. It's a win on the part of the investor, in this case it could be a business, it could be an industry, a group of individuals, whatever it may be,” explained Colvin.

“I think that this is just one more tool in the tool box to really help spur economic growth and really land more and more industries and jobs, and a lot that comes with helping to build the communities.”

Not all of the details have been hammered out yet, in regards to how everything will work, but one thing is certain. Norfolk always comes first.

“We wanna make sure that this is beneficial to the community going forward. For everybody. That's our goal and we'll do everything in our power to make sure that's the intent and how things are implemented.”

And once all the guidelines are in place, Colvin has a message to anyone looking to invest.

“We are trying to let all industries know that Norfolk is open for business.”