Opportunity Zones Designation for Riverside (Census Tract 36103190401)
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Include Riverside in Opportunity Zones Program Part of the Tax Cuts and Jobs Act of 2017
We are garnering the support of local elected officials and residents to ask Governor Andrew Cuomo of NY to designate the Hamlet of Riverside in the Town of Southampton (Census tract 36103190401) as an Opportunity Zone as created in the new “Tax Cuts and Jobs Act of 2017”. The deadline for Governor Cuomo to act is April 20th, 2018.
The Southampton Town Board took action on March 15, 2018, by approving Res-2018-294: Memorializing Resolution Requesting The Governor to Include the Southampton Town Census Tracts of Riverside and Flanders in the State’s Economic Opportunity Zone Program.
The Opportunity Zone program was enacted to encourage the flow of investment capital into historically disinvested and hard to invest in areas. Riverside not only needs this investment, but the community and the Town have already done the work to allow for significant investment. The FULLY APPROVED Riverside Revitalization Action Plan is the largest workforce housing project ever approved on Long Island, with 3.1 million square feet of mixed-uses including 2,262 residential units, Riverside will serve as a model for environmentally sensitive development on Long Island. The Environmental Facilities Corporation (EFC) has designated over $100 Million for construction of a sewage treatment plant in Riverside and Flanders. A 10,000SF medical office space is currently undergoing site plan approvals using the underlying zoning while taking advantage of the new form-based code. Also, a 50 room hotel with a rooftop restaurant is currently being planned; however, to move forward, they need to have access to sewers.
The Hamlet of Riverside is one of the most disinvested communities in all of Long Island. Ranked as the most economically distressed community in Suffolk County. Its property values are one-third of Gordon Heights, and the median income of Riverside residents is $20,000 per year; less than half of the median income of Wyandanch.
Riverside has been the recipient of Community Development Block Grant (CDBG) and Brownfield Opportunity Areas (BOA) funding. The Town of Southampton, FRNCA, Renaissance Downtowns and Riverside Rediscovered have been able to leverage funding to support community economic development that include CDBG funding for the construction of a Community Center that will house the Children’s Museum of the East End, and $150,000 from BOA to pay for the State Environmental Quality Review (SEQR) required for new zoning. FRNCA and Riverside Rediscovered strongly believe that Riverside would greatly benefit from being designated as an Opportunity Zone as it would invite further private investment and foster the growth of entrepreneurs and small businesses, a mix of housing options, better infrastructure, and much more.
Opportunity Zone designation would further spur the Hamlet’s revitalization efforts and aid in the transformation of this developing success story. We are asking for your support in delivering this message to the Governor.
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