The undeveloped land in an opportunity zone near Toyota's South Side plant is slated to be turned into a solar farm. CPS Energy will buy power from it.
Medina Del Rey QOZB LLC bought more than 600 acres in south Bexar County from trusts affiliated with the Bill Miller family in 2021. The property, which is in an opportunity zone, is slated to be developed as a solar energy farm.
The city-owned utility signed a 20-year contract with Ashtrom Renewable Energy, the renewable energy arm of Israel-based Ashtrom Group, and OnPeak Power, an Austin-based renewable energy company. As part of that deal, the developers committed to contributing funds to CPS student scholarships and construction of an outdoor classroom for school field trips, as well as to providing on-site field day mentorship to students, the utility said.
"All the decision-making was geared toward the viability of the solar project for CPS Energy, not necessarily the fact that it was in an opportunity zone," Sterzing said. "QOZB" stands for qualified opportunity zone business, which must earn at least half of its gross income from business activities within a qualified opportunity zone. The abbreviation is in the name of Medina Del Rey QOZB LLC, suggesting that the owners plan to participate in the opportunity zone program.Will a Trump tax break fuel investment in San Antonio — or just give money away?
The opportunity zone program has been criticized for primarily being used for luxury developments or businesses with few employees, serving as a tax dodge and lacking transparency in measuring the effects of the investments, and research by the Urban Institute showed that many of the designated tracts in San Antonio were already attracting development before the designation. Supporters say the program has helped draw investment to low-income areas that may otherwise not see it.
There may be a better alignment of time frames with solar farms compared with other types of projects, and it's difficult to attract investment in rural areas, said Nicholas Bergfeld, a business consultant and opportunity zone expert.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Man hospitalized after being struck by car on South Side, SAPD saysA man was hospitalized after being struck by a car while crossing the street on the city’s South Side, according to San Antonio police.
Consulte Mais informação »
Man hospitalized after being stabbed during altercation on South Side, police saySan Antonio police are investigating after a man was stabbed during an altercation on the city’s South Side late Sunday night.
Consulte Mais informação »
Chicago’s next mayor could determine fate of controversial Near South Side high school planCandidates Paul Vallas and Brandon Johnson have been noncommittal about the high school proposal, which was backed by outgoing Mayor Lori Lightfoot.
Consulte Mais informação »
Development, gentrification focus of aldermanic runoffs in South Side lakefront wardsDevelopment and gentrification are at the heart of runoff elections for alderman in two South Side lakefront wards.
Consulte Mais informação »
McCreless Mall, once a South Side landmark, opened 61 years ago this weekSee what was inside the time capsule buried at what was once San Antonio's biggest shopping center.
Consulte Mais informação »
Chicago Police Issue Alert After 14 Vehicle Thefts Reported in 10 Days on South SideChicago police are warning South Side residents after more than a dozen vehicles were either stolen or attempted to be stolen this month from neighborhoods including Bridgeport, McKinley Park and Back of the Yards.
Consulte Mais informação »