Little Falls Opportunity Zone
- Population: 2,125
- Total Businesses: 124
- Total Jobs: 1,694
- County: Herkimer
How They Began
On December 22, 2017, a new tax incentive program was enacted to unlock 6 trillion dollars in unrealized capital gains and promote investments in certain economically distressed communities known as Opportunity Zones.
If you have invested in stocks, real estate or other assets that have appreciated in value, historically you cannot sell those assets without paying huge taxes. Now, by investing in a qualified opportunity fund you can sell your appreciated asset and temporarily defer your original capital gain until 2026. You’ll also be able to reduce your capital gains expense and have the ability to permanently exclude capital gains from the appreciation yielded from your investment into the qualified opportunity fund.
Little Falls Opportunity Zone Map
Value to Investors
1) Deferral
2) Reduction
3) Exclusion
Potential Projects
Rethink
Our Downtown Revitalization Initiative (DRI) is about rethinking the heart of Little Falls as an integrated district and seeking bold, innovative opportunities to propel the City into the most desirable residential community in the region…attracting a diverse population supported with commercial and residential development, quality-of-life amenities, redevelopment of historic properties, and a tax base that provides sustainable prosperity for future generations.
Rebuild
When you consider the City’s 2,445 acres of prime real estate with assets like the 19th-century iconic downtown, the picturesque Mohawk River’s whitewater rapids, the Erie Canal, running through the center, it’s easy to visualize how these treasured resources hold the key to rebuilding our community. With twenty proposed DRI projects, the City is well-positioned to support visitors, residents as well as businesses seeking a safe, healthy, small city lifestyle for their families and employees.
Reconnect
Actualizing our DRI vision requires reconnecting infrastructure that once connected neighborhoods to the downtown waterfront district. A priority project is a “Pedestrian Overpass Bridge” connecting downtown to Canal Place and the waterfront, allowing safe pedestrian transit over Highway 5 and the railroad tracks. Another is an e-mobility project with e-bike and e-scooter stations on Main Street, Canal Place, and the Harbor allowing people to access key attractions.