By Cathy O’Connor, October 29, 2019
In December 2017, the Tax Cuts and Jobs Act created a program known as opportunity zones. The purpose is to provide tax incentives, as well as temporary tax deferral on capital gains, when investors reinvest gains in opportunity zone funds. In return, the money is used for investment in qualifying census tract communities, also known as opportunity zones.
Shortly thereafter, Accelerator for America assisted us in completing an investment prospectus for the Oklahoma City opportunity zones. It provides data that makes the case for investing in Oklahoma City and catches the attention of investors interested in becoming part of our renaissance. It outlines the transformation of our downtown area, our citizens’ investments in MAPS projects and the private investment that has followed. For those who have never seen our city, the investment prospectus paints a picture of how and why we are thriving.
Oklahoma City’s opportunity zones include the Central Business District, which encompasses Bricktown, the Arts District, Film Row, Deep Deuce, Automobile Alley, the 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 assets and features that naturally drive investments. Many of our current requests for proposals are for development on parcels of land held by the Oklahoma City Urban Renewal Authority in opportunity zones. The investment prospectus and the current RFPs are available at www.theallianceokc.org.
We are currently seeking development projects and operating businesses to share with potential opportunity zone investors. The Oklahoma City opportunity zones website, www.okcopportunityzones.com, provides more information about the zones and connects developers, business owners and potential investors. The site allows developers and business owners with projects located in an opportunity zone to enter information about their project including the size of investment they are seeking, the project start and completion dates, the location of the project and available development incentives. Investors or fund managers can use the website and interactive map to find projects that match their investment interest in each of the eight opportunity zones across the city.
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