DEPARTMENT: Economic Development
DEPARTMENT HEAD: Alejandra Lopez
COUNCIL DISTRICTS IMPACTED: Council Districts 3, 4 & 5
SUBJECT:
Briefing and update on the Southside Opportunity Zones Strategic Plan
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SUMMARY:
The Economic Development Department (EDD), World Heritage Office (WHO) and the Southside First (SSF) Economic Development Council partnered for development of a Southside San Antonio Opportunity Zones Strategic Plan (Strategic Plan) to encourage and attract investment for the southside Opportunity Zones, a historically low-income area. This briefing will provide an update on the Plan.
BACKGROUND INFORMATION:
Opportunity Zones
Opportunity Zones were established by the Tax Cuts & Jobs Act of 2017 to provide a tax incentive as an economic development tool to encourage long-term investment in distressed communities. The tax incentive encourages investment of unrealized capital gains in census tracts designated as Opportunity Zones in exchange for deferment, reduction of capital gains taxes, and exclusion of appreciation in any invested capital gains. Opportunity Zone investments require the creation of a Qualified Opportunity Fund (QOF); the investment vehicle that enables capital to be deployed to projects in designated Opportunity Zones. Eligible investments include stock of a qualified corporation, interest in a qualified partnership, or property in designated Opportunity Zones.
The Economic Development Department (EDD), World Heritage Office (WHO) and the Southside First (SSF) Economic Development Council partnered for the development of a Southside San Antonio Opportunity Zones Strategic Plan (Strategic Plan) to encourage and attract investment for the Southside Opportunity Zones in alignment with community priorities and sensitive to the existing residents and small business community.
EDD and WHO released a RFP on July 23, 2020 to contract with a professional respondent to develop a strategic plan to attract investment ...
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