Cities take proactive zoning approaches to encourage development, investment in opportunity zones
By Corina Vanek | Phoenix Business Journal
Economic development leaders from West Valley cities are taking a creative approach to pitching real estate developers and investors on the possibilities of building in their cities.
At a forum in Avondale hosted by Westmarc Thursday, economic development staff from eight cities used a speed-dating approach to highlight development opportunities in various cities, particularly in qualified opportunity zones.
Arizona had 168 opportunity zones approved at the federal level, the most allowed by the law. The program was created through the Tax Cuts and Jobs Act and allows accredited investors to re-invest capital gains realized from a sale of property, stock or business to defer paying taxes. The money must be invested within 180 days for it to be eligible for the deferred taxes. The money can be invested two ways: in real estate or in operating companies within designated opportunity zones.
“Thoughtful participation and creative thinking by public officials and local governments are key to the success of economic development in opportunity zones.”