Opportunity zones bring new investmentPublished: Wednesday, January 9, 2019 By: Cathy O'Connor Source: The Journal Record
Opportunity zones are a hot topic as of late, and cities across the country are working to find ways to market their opportunity zones to potential investors.
In partnership with Accelerator for America, the Opportunity Zone Investment Prospectus for Oklahoma City has recently been released.
For the residents of Oklahoma City and the metro area, it is easy to see why our city is worthy of investment. We have all taken an active part in the city’s transformation through our continued support and investments in MAPS projects, general obligation bonds and new business opportunities. A combination of $2 billion of public investments in quality-of-life projects, combined with infrastructure investments of $2.4 billion and private investments of another $6 billion, make this one of America’s most dynamic and fascinating communities. The investment prospectus provides data that makes our case to the rest of the world to invest in our renaissance.
The Alliance for Economic Development is taking the lead in the marketing and oversight of the opportunity zones in partnership with the city, chambers of commerce, business leaders and developers. The opportunity zone program is part of the 2017 Federal Tax Cuts and Jobs Act. By deferring capital gains from current holdings and reinvesting in projects located within designated opportunity zones, investors can reduce capital gains taxes. If held for a decade, the added profit made from the opportunity zone investment will not be taxed at all.
Oklahoma City’s opportunity zones include the Central Business District, which encompasses Bricktown, Arts District, Film Row, Deep Deuce, Automobile Alley, Boathouse District and the American Indian Cultural Center and Museum. The other zones are the Innovation District, NE 23rd Street Corridor, I-35 Industrial, I-35 and I-240, I-40 Industrial, I-44 and I-235 and the Adventure District.
Each of these zones has a distinct competitive position that will naturally drive investments in certain developments or industries. You can learn more about opportunity zones and view the Oklahoma City Investment Prospectus on The Alliance for Economic Development website.
Oklahoma City consistently ranks among the best U.S. cities for entrepreneurial environment, economic diversity and affordability. We are eager to showcase these and a multitude of other reasons to invest in our city.
Cathy O’Connor is the president of The Alliance for Economic Development of Oklahoma City.