Lima's Arctaris-Lima Opportunity Zone Investment Program is a $25 million commitment formed in 2023, combining a $5 million loan from the city with $20 million from Arctaris Impact Investors; the Lima/Allen County Chamber Foundation also participates. City officials trace the effort to collaboration that began in 2020.
Five census tracts will carry federal Opportunity Zone designation for a decade starting Jan. 1, 2027: three that were renewed and two that are new to the program. The city identifies them as Tract 127 near Orena Avenue on the south side, Tract 133 near Faurot Avenue in the southwest, Tract 126 off South Dana Avenue in the southeast, Tract 129 around West Wayne Street on the near west side, and Tract 141 covering downtown and the near east side. All five are classified as rural under the federal program, which the city says brings stronger incentives and looser requirements for improving existing properties.
The city notes that a designation is not a grant and does not fund projects by itself; it instead offers tax treatment intended to draw private capital into businesses and real estate. The federal program was made permanent in 2025, with designations reset every ten years.
Mayor Sharetta T. Smith described the two new zones as a tool for neighborhoods that have waited for investment, and said the city is focused on results residents can see, such as reused vacant buildings and jobs near home. Property owners, developers and investors seeking more information can reach Public Information Officer Jessica Begonia at jessica.begonia@limaohio.gov.