What can local communities and local stakeholders do to incentivize investment in their Opportunity Zones?

Answers

• 

  Blake Christian

  HCVT CPAs

  April 30, 2019

  Great question. Real estate developers love the program. Local communities need to make the process easy for the developers/ investors. I suggest providing a list of the top 20 OZ parcels you have in town (work with the landowners or maybe the city owns some parcels) and what entitlements might already be on the properties. Then blast this out to all regional developers, highlight the OZ program and stress that you are prepared to fast-track the development. You should also be working with commercial landlords with available office space to attract businesses to move into your OZ properties, as the benefits for a business upon future sale can be even better than a real estate sale.

• 

  Peter McNeil

  Comprehensive Financial Solutions and Tax

  April 30, 2019

  Focus on the economic advantages that your community would have even if there were not tax incentives. Promoters are interested in the following: can an investment make money; will government and the community be receptive to the changes that a new development will bring; will the approval process for development be reasonable and not excessively lengthy; if you can answer positively to the above questions, you are now attractive to an Opportunity Zone funds. It may take some time, but keep on promoting. There is a nonprofit group called Accelerator for America that has come up with templates for communities like yours trying to attract such investment. I have no affiliation but found it a good starting point. Hope this helps you to get started.

• 

  Ed Mofrad

  Mofrad Financial Solutions

  May 08, 2019

  Hold well-publicized information sessions. Promote the idea on local media.

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