LIMA, OH (WLIO) - After years of leg work to obtain a source of major investment funding, the City of Lima is one step closer to using those funds.
Mayor Sharetta Smith announced today(1/3/24) that $25 million in the Arctaris-Lima Opportunity Zone Fund Initiative is soon becoming available for economic investment in downtown Lima. The city is one of the three communities nationwide that was picked to be part of the initiative. The city invested $5 million with $20 million coming from Arctaris to be a catalyst in three specific census tracts to improve the vitality and livability in the heart of the city.
"One of the things that they are known for is doing both good and well. What I mean by that is they have a specific focus to bring revitalization to blighted areas in cities, to provide opportunities for minority-owned businesses, women-owned businesses, and veteran-owned businesses," stated Mayor Sharetta Smith, City of Lima.
The initiative will be officially kicked off at the Lima Allen County Chamber of Commerce's annual breakfast on January 26th.
January 3, 2024 Press Release from the City of Lima: Today, Lima Mayor Sharetta Smith announced next steps with the Arctaris-Lima Opportunity Zone Fund. Years of effort and advocacy are coming to fulfilment as the City of Lima and Arctaris Impact Investors, LLC, prepare to launch this partnership which aims to accelerate investment into Lima’s lowest-income communities.
The Arctaris-Lima Opportunity Zone Fund initiative is a $25 million commitment to invest capital in growing companies and community infrastructure projects located in Lima’s Opportunity Zones, which include census tracts 126, 129, and 141. These opportunity zones include Downtown Lima, the Bellefontaine corridor, and West Market Street corridor.
After leading the initiative to designate three of Lima’s census tracts as opportunity zones through the U.S. Department of the Treasury, the City of Lima saw further potential to spur on economic investment in distressed areas of the city through Arctaris Impact Investors.
In 2020, the City of Lima, in collaboration with the Lima/Allen County Chamber of Commerce and other community partners, lead the creation of a proposal that was submitted to Arctaris Impact Investors for consideration of inclusion in Place-Based Opportunity Zone Investment Initiative. In 2023, Arctaris announced that Lima would be one of three communities nation-wide included in the Place-Based Opportunity Zone Investment Initiative, as part of the Arctaris Opportunity Zone Fund 2024.
The City of Lima catalyzed the fund with an initial $5 million loan that will serve as first-loss capital to mitigate risk for private investors. Arctaris has committed $20 million in additional funding to the initiative. Arctaris and the City of Lima will work together with local partners to continue expanding the fund.
The Arctaris Lima Opportunity Zone Fund initiative will build community equity and inclusion while creating economic opportunities through enhanced access to capital. A key focus of the impact program will be investment in mixed-use development and market-rate housing to improve the vitality and livability in the heart of Lima. This initiative will bring businesses, new housing, and jobs to the area, all while providing a positive return for investors.
“I cannot overstate the value of the Arctaris-Lima Opportunity Zone Fund initiative to Lima’s future economic development. This is a major tool in our economic revitalization toolbox that will enable us to further leverage public-private partnerships,” states Mayor Sharetta Smith. “Opportunity is knocking and our community will soon see the benefits of this proven program.”
“Arctaris is thrilled to be investing in Lima” said Jonathan Tower, Founder and Managing Partner of Arctaris. “Working the last several years with the City to create this shows Arctaris and Lima’s mutual determination to establish an investment program capable of revitalizing Lima and helping the community continue to thrive.”
"The Lima/Allen County Chamber of Commerce Foundation, with its understanding of our community's distinctive strengths and needs, was delighted to assist in facilitating this dynamic collaboration between the City and Arctaris. This fund will deliver essential resources to propel Lima toward a resurgent future,” states Tim Stanford, Chair of the Lima/Allen County Chamber of Commerce Foundation.
“Our community is extremely excited with the partnership with Arctaris. Through this partnership we will be able to greatly enhance development opportunities within the City of Lima and our Opportunity Zones. Having Arctaris as a partner will enable the City of Lima to develop projects for the good of the community which might have not been considered before and will greatly enhance our efforts in making Lima a more livable community,” states Jed Metzger, President of the Lima/Allen County Chamber of Commerce.
