On Wednesday, during the Ohio Opportunity Zones Showcase hosted by the Ohio Development Services Agency, OpportunityZones.Ohio.Gov was unveiled.
The new marketing platform allows Ohio’s 320 Opportunity Zones to share details on areas of their communities with high potential for new investment, development, and job creation.
These zones include three census tracts in Mansfield, which have been profiled in previous posts on 1812Blockhouse:
Through this new portal, potential investors can see what Ohio has to offer in one location online. “Bringing outside, private investment to these areas will build a brighter future for Ohioans through better jobs and opportunities,” said Governor Mike DeWine. “We want to open the lines of communication and allow an exchange of information to bring about economic improvement in Ohio’s Opportunity Zones.”
In March, Governor DeWine proposed in the state budget a 10% nonrefundable income tax credit for qualified investments in Ohio Opportunity Zones. Lt. Governor Jon Husted unveiled the new marketing platform and demonstrated its functions, which include the ability to submit community information and projects as well as an interactive map that allows investors to search for projects by area. A resources section offers a wealth of outside sources focused on Opportunity Zones and investing.
“Opportunity Zones represent the best incentive to attract private investment into many of our most economically stressed communities,” said Lt. Governor Jon Husted. “Ohio is competing for this private investment with communities in every state, so we created a platform making investing in Ohio Opportunity Zones more inviting than our competitors.”
Dayton, Hamilton, and Ohio City were featured in a video showcase during the event, while Athens, Fostoria, and Summit County provided live presentations. “Ohio communities are competing with communities across the country for the same investment dollars. Development will provide the tools that give Ohio communities the edge to create maximum economic impact,” said Lydia Mihalik, director of the Ohio Development Services Agency.
An investor panel featuring Mark J. Bell of Harbor Bay Real Estate Advisors, Michael J. Taylor of PNC Bank, and Jonathan D. Tower of Arctaris and an adviser panel with Gary Hecimovich of the Washington office of Deloitte Tax, Jennifer Karpe of Murray Murphy Moul + Basil, and Stephen M. Lukinovich of MCM CPA’s & Advisors, LLP, provided guidance to attendees. In its 2017 tax bill, Congress created Opportunity Zones to encourage long-term investments in low-income urban and rural areas.
Working with the U.S. Treasury, Ohio established 320 Opportunity Zones in 73 of its 88 counties. The zones were selected based on submissions by local government officials and nonprofit and economic development organizations. A map of the zones can be found at OpportunityZones.Ohio.Gov.