Jan. 26—LIMA — The city of Lima recently announced a partnership with the Arctaris Impact Fund. According to the company website, the organization aids in investing funding to community projects and growing businesses. Over the next several years, the company will partner with local companies and real-estate developers in Lima. The organization held a roundtable to speak with local businesses about the new opportunities.

"The city of Lima in collaboration with the Lima/Allen County Chamber of Commerce and the Lima Area Chamber Foundation are partnering with Arctaris Impact investors to create the Arctaris-Lima Opportunity Zone Fund," Mayor Sharetta Smith said. "It is a $25 million commitment to invest capital in growing companies and community infrastructure."

According to a recent press release, the city of Lima has agreed to give a $5 million loan toward the investment (for private investors). Arctaris has agreed to invest $20 million towards the fund.

"We like being a partner with communities that are on a path towards long-term revitalization," said CEO Jonathan Tower. "We were attracted to Lima quite a few years ago. We talked with former Mayor David Berger at a conference. He talked to us about some of the opportunities as well as the challenges. All of that conversation culminated in today, which is officially the launch event of a $25 million investment program that aims to bring more jobs, more people and more housing options to the residents."

Tower also said the No. 1 focus is investing in housing, then businesses. Tower also said the fund will focus on the three census tracts in downtown Lima.

https://www.limaohio.gov/DocumentCenter/View/4931/2018-Lima-Opportunity-Zones-Map

Many business owners at the roundtable asked questions regarding where the tracts were located.

"We will be investing in companies and real estate within those tracts," Tower said. "We are looking for a well-run established company that is looking to grow. For real estate, we are looking to create lucid entities that are looking to invest in workforce housing or affordable housing, so that as we develop further, it's a welcoming community."

For more information visit limaohio.gov.

Reach Precious Grundy at 567-242-0351.