A private equity fund has been launched to revitalize ghost towns in Arizona by converting rural land into theme parks.

Independent Concepts, led by owner Tammy Cline, is looking to raise $25M for Series A of the Buckeye OZ Fund, which will target historically significant towns in opportunity zones, according to a news release.

Money raised will be used to develop off-road recreational attractions with the hope of spurring economic growth in the mostly abandoned towns. Five potential investments are included in the funding round, according to a news release.

"The investment into recreational land and tourism businesses are naturally low risk and high yield assets," the company said in a release, adding it planned to invest in RV camping, off-road vehicle rentals and tours, and "old west themed parks and venues."

Camp Crag, a 120-acre, off-road theme park catering to drivers of all-terrain vehicles, is the fund’s first project. Located in an abandoned area of the desert about an hour outside of Phoenix, the site is in the path of development and could produce $20M-$40M in value once the fund matures, per an informational video.

Opportunity zone investors are exempt from capital gains tax as long as they hold their investments for at least 10 years. Since the federal government introduced OZs in 2017, more than $34B has been poured into projects, but success of the initiative has been scrutinized by critics who say OZ money tends to skew toward more economically vibrant areas.

The Buckeye fund appears to align with the program’s intended purpose, which is to bring more development and jobs to underserved areas. The team is choosing to focus on ghost towns because of the lower land and development costs but higher future land value potential, according to the fund’s website.