Announcements

Portage has designated Opportunity Zone

Portage has designated Opportunity Zone

In 2018, the U.S. Treasury Department designated 120 Opportunity Zones across 44 counties in rural, urban, and tribal areas of Wisconsin.

Wisconsin’s designation includes a qualified census tract in Portage that is bounded by U.S. 51 and STH 16 to the east, and the boundaries of the City Limits to the North, West and South. The area includes TID #4 (Portage Industrial Park), TID #5, and part of TID #6 in Downtown Portage.

Opportunity Zone Program Quick Facts:

The Opportunity Zones Program created by the federal Tax Cuts and Jobs Act of 2017 is designed to drive long-term investment to income qualified area by providing investors with certain tax incentives when they re-invest unrealized capital gains in designated Opportunity Zones.

Opportunity Zones are census tracts, recommended by governors and officially designated by the U.S Treasury Department, that are eligible to receive private investments through Opportunity Funds. Opportunity Zone designations last for 10 years.

Opportunity Funds are a new class of investment instruments certified and authorized by the U.S. Treasury Department to direct private investment into Opportunity Zones.

Opportunity Funds are authorized to invest in Opportunity Zone Property, which is defined as stock in a domestic company, interest in a domestic partnership, or tangible business property.

The Opportunity Zones Program provides tax incentives for investors to re-invest unrealized capital gains into Opportunity Funds. The incentives include:

1) Temporary deferral of capital gains that are re-invested into Opportunity Funds;

2) Investors can also reduce taxes owed on rolled-over capital gains (by 10% – 15%) if they hold their Opportunity Fund investment for at least five years; and

3) Capital gains on Opportunity Fund investments are excluded from taxable income if investments are held for at least 10 years.

It’s anticipated the Opportunity Zones Program will be fully implemented by the fourth quarter of 2018 or the first quarter of 2019.

Source: Wisconsin Economic Development Association 

Opportunity Zone Map of Portage

Opportunity Zones_Baker Tilly_10 30 18 (1)

For information on investing in Portage’s Opportunity Zone contact:
Steven Sobiek
City of Portage
Business Development and Planning Dept
608.745.0038
steven.sobiek@portagewi.gov

Just a reminder that Portage City Hall, Portage Park & Recreation Department, & Portage Water Utility will be closed on Thursday, November 22 & Friday, November 23, 2018 for the Thanksgiving Holiday.

NOTICE OF PUBLIC HEARING

PLEASE TAKE NOTICE that the Common Council of the City of Portage will conduct a public hearing to consider the following changes to the Mass Transit Program:

Modifications to the Portage Cab fares as of February 1^st, 2019.  The taxi fares will change as follows:

FARES

Fare Category                             Current Fare¹        Proposed Fare

Adult                                                   $3.75                           $4.00

Student²                                              $3.00                           $3.00 (no change)

Senior³                                                $3.00                           $3.00 (no change)

Disabled                                              $3.00                           $3.00 (no change)

Agency Fares                                      $4.25                           $8.00

2^nd Passenger Discount                  ($0.50 Discount)       No discount

¹ Fare – Per trip, Per person

² Student – Persons age 3 to 18 years

³ Senior – Person age 55 years and older

Current fares have been in effect since January 1, 2017.

The public hearing will be held on the 13^th  day of December, 2018 at 6:55 p.m. in the Common Council Chambers at the City Municipal Building, Portage, Wisconsin.

All interested persons may appear to give comment on the proposed changes to the fare rates.

DATED this 13th day of November, 2018.