Stratford Advances In Federal Opportunity Zone Bid

STRATFORD, CT — The Town of Stratford has made it past the first hurdle in obtaining a federal designation as an “Opportunity Zone.” State officials announced on Friday that Stratford’s application to the Governor’s Office, State Department of Economic and Community Development and the Department of Housing had been approved as one of 72 locations statewide in over 300 that were considered.

“Stratford is positioning itself for continued economic growth, and the Opportunity Zone designation will leverage our current assets in the area to maximize that growth potential,” Mayor Laura Hoydick said in a news release. “I want to thank the governor, DECD and DOH for their review and approval of our application, and advancing it to the U.S. Treasury for their consideration. I also want to recognize the hard work invested by Stratford’s Economic Development Office and Metropolitan Council of Governments in making a successful case for Stratford to the state.”

The nominated Opportunity Zone in Stratford is Census Tract #804, located in Stratford’s South End, according to the news release. It is currently zoned for retail commercial, light industrial, multi-family residential and one-family residential, with available sites along the I-95 corridor at 993 Honeyspot, 300 Old South Ave., 18 Philo Street, Woodend Road and 2020 Stratford Ave. The location is currently in design for a roundabout to be located at the intersection of Stratford Avenue and Honeyspot Road, and is served by Greater Bridgeport Transit Authority with close proximity to rail service and Sikorsky Memorial Airport.

"I am happy to see that Stratford is part of the federal government's Opportunity Zone Program," State Sen. Kevin Kelly (R-21) said in a statement. "Reinvesting in our towns and cities will only help to grow jobs for the hard-working families of Connecticut. Instead of continual tax increases laid down by the Malloy Administration, Connecticut must focus on finding ways to create organic economic opportunity and job growth to move our state forward - this federal program does that."

State Rep. Ben McGorty (R-122) said: “The establishment of Opportunity Zones by the Trump Administration will help improve distressed areas that are prime for economic development. With the state continuing to lose jobs and employers we now have a chance to attract new businesses and industries. The residents of Stratford will benefit from this policy and I hope investors take this chance to look at Stratford, which is a great location for investment."

“This is a powerful incentive to increase investment in Stratford,” State Rep. Joe Gresko (D-121) said. “I appreciate Mayor Hoydick and the Town of Stratford for applying for this designation and the Governor and his staff for listening to my calls and emails about the program.”

State Rep. Phil Young (D-120) said: “We all know that Stratford is a great place to live, work, and open a business - This Opportunity Zone designation is the icing on the cake. It is an opportunity to attract investors to the local economy and spur job growth.”

The new Opportunity Zones were established by Congress in the Tax Cuts and Jobs Act of 2017. Any development or redevelopment undertaken in such a designated zone will still be required to undergo local reviews and approvals. The designation aims at assisting distressed communities by giving incentives for capital gains investments, promoting local employment and wages.

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