The Economic Development Administration awarded a $4.8 million grant to Santa Fe College in Gainesville to help re-build and expand the Santa Fe College Center for Innovation and Economic Development (CIED) at the Blount Center. The CIED serves early-stage startups across a broad spectrum of business sectors. The project was made possible by the regional planning efforts led by the North Central Florida RPC which is funded by EDA to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
The funding goes to a Tax Cuts and Jobs Act designated Opportunity Zone, which provides special incentives for further private sector participation and development. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zone designations spur economic development by giving tax incentives to investors in economically distressed communities nationwide. To learn more about the Opportunity Zone program, see the Treasury Department resources page here.