Ralston is looking to bring millions of dollars to the city without costing taxpayers a single cent.
A sizable portion of Ralston was designated a Qualified Opportunity Zone in April 2018.
Opportunity Zones created by Congress’ 2017 Tax Cuts and Jobs Act, are designed to spur investment in “distressed communities” by providing federal tax deferments on capital gains of businesses, real estate and other investments based in the area.
Businessman Gordon Whitten said in a press conference July 16 that he would not have come to Ralston without the economic opportunity designation. Whitten and his company, I See It Ventures, have entered into a $14 million public-private partnership with the City of Ralston.
The Old Ralston Granary, located southeast of 75th and Main streets, will be the focus of the multi-million dollar partnership.
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The granary redevelopment project will look to bring new housing, businesses and jobs to Ralston.
As part of the granary project, I See It Ventures is investing $2 million into a new business accelerator.
The business accelerator will provide up-and-coming companies with capital investment, guidance and support.
Whitten said at the July 16 press conference the goal is to create 10 new businesses with 100 new jobs in Ralston within the next two years.
Whitten said the opportunity zone will allow him to invest an additional 27% into the area.
The 27% comes from tax incentives from businesses in the economic opportunity zone. It’s a provision in the 2017 tax cuts that allows governors to create those zones. There are 44 economic opportunity zones in Nebraska in 18 counties.
“We are also going to redevelop this beautiful building into an amazing new hub,” Whitten said. “A live work hub where people can live in beautiful town homes that we build, in apartments we build here on the property.”
Whitten said his company is potentially looking to remake the top floor of the granary as a wedding venue.
“Our whole goal here is to create growth, new jobs, new industries, new developments and that’s what we have here,” Congressman (Rep.) Don Bacon said.
Bacon said he was glad to see an investor like Whitten take advantage of the opportunity zone.
“We see it right over the yard here, a lot of new businesses because of the opportunity zones and now it’s coming here to this facility,” Bacon said.
He said the plans Ralston has for future development are beautiful.
“We’re going to have a beautiful area here right in Ralston,” Bacon said. “A Great new development that going to a treasure here in eastern Nebraska, it’s wonderful to see results.”
Ralston Mayor Don Groesser said before the area was designated an OZ there were investors interested in there but no one was able to step forward and take a chance.
“The economic opportunity zone had let us dreamed big and let us up size the Hinge investment.
Whitten said the granary redevelopment project will cost up to $20 million and is expected to be done in the next two years.
