When “Opportunity Zones” Knock, Palm Beach County Answers the Door
Don’t miss the upcoming Palm Beach County Opportunity Zone Program Workshop, Thursday, August 15, 2019, at the Riviera Beach Marina Event Center from 8:30 a.m. to 12:30 p.m. Take home valuable insight about the Palm Beach County arm of this nationwide community investment initiative that provides new capital gains tax incentives to investors who support economic development in key areas.
AUGUST 8, 2019, RIVIERA BEACH, FLORIDA—While, in theory, everyone in Palm Beach County has a vested interest in supporting the revitalization of our economically distressed communities, it requires a lot more than good intentions to repave roads, create jobs and drive general economic development. That’s why in 2017 the Federal Tax Cuts and Jobs Act was signed into law, establishing the Opportunity Zone (OZ) Program, which allows individual investors to place capital gains in qualified OZ Funds. Here’s your chance locally to learn more about this new program.
During the Thursday, August 15, 2019, convening at the Riviera Beach Marina Event Center from 8:30 a.m. to 12:30 p.m., attendees will learn more about the OZ Program. This will include how, in exchange for their investment, they can receive capital gains tax deferments and eliminate certain taxes on returns from OZ Fund investments held for 10 years. Attendees will also have an opportunity to network and brainstorm about deals.
Facilitated by the Florida Housing Coalition, the Palm Beach County partners and sponsors of this workshop include the Riviera Beach Community Development Corporation, Community Partners of South Florida, Palm Beach County Department of Housing and Economic Sustainability, Keller Williams Realty, Inc., and the Riviera Beach Community Redevelopment Agency (CRA).
Representatives from a number of the onboard partner and sponsor organizations shared their enthusiasm about both the OZ program and the upcoming workshop:
“This initiative resonates in multiple areas with the goals of our organization,” says Scott Evans, Interim Executive Director of the Riviera Beach CRA and President of the Riviera Beach Community Development Corporation (CDC). “We’re excited at the prospect of additional funding coming into the District via the OZ Fund and delighted that our Marina Village Event Center is ideal for this and future workshops.”
“We’re looking forward to working with all our partners, including the Riviera Beach CRA, on this important event,” says Benjamin Toro-Spears, Technical Advisor for the Florida Housing Coalition. “Bringing the community together like this significantly improves the likelihood we see high impact investment coming into these areas and delivering positive returns for investors and residents.”
“We are honored to be part of the Opportunity Zones program,” says Scott Hansel, Chief Executive Officer at Community Partners of South Florida, “Not only are Opportunity Funds crucial to comprehensive community development and building safe, stable neighborhoods of choice, but they can also drive economic mobility thereby creating a better community for us all. We’re excited to work as valued partners on this important initiative and look forward to seeing how our engagement serves the Community Partners of South Florida mission of Changing the odds for Palm Beach County’s children and families.”
The OZ Fund uses investors’ capital as an economic development tool to support and grow OZ Projects to help rejuvenate local economies, create jobs within the boundaries of economically distressed communities, and drive additional economic development in these designated areas.
The mission of the OZ program is to create lasting positive effects in those Palm Beach County communities with the highest need of economic development. Investor dollars, leveraged with other resources, will help provide scarce financial resources to produce more sustainable and higher functioning communities and neighborhoods.
To learn more, visit the Riviera Beach CRA website by clicking here. To register to attend, please visit: https://www.eventbrite.ca/e/palm-beach-county-fl-oz-convening-tickets-64433000840
Visit our sponsor and partner websites at:
The Riviera Beach Community Redevelopment Agency
The Riviera Beach Community Redevelopment Agency is at the heart of dramatic transformations underway within its district. Formed in 1984 by the Riviera Beach City Council, the CRA provides funding for a wide scope of projects that incentivize economic growth through business attraction and retention; finances new and improved infrastructure for real estate projects; and generally works to expand the tax base by creating a welcoming environment that eliminates blight and improves the perception of safety in the area.
The Agency’s main mission is to guide the city’s redevelopment efforts. This includes making investments of public funds in key infrastructure improvement projects that have the capacity to act as a catalyst for additional private funding and development, create jobs and help to improve the quality of life for city residents. For more information about the Riviera Beach Community Redevelopment Agency, follow the official Facebook, Instagram @RBCRA and Twitter @RivieraBeachCRA pages or visit rbcra.com.