As a member of a struggling non-profit, who owns a city block of Minnesota Lake Superior waterfront, we were ecstatic to be just designated an Opportunity Zone by local officials. We have been seeking a developer for the project, which ideally will include a Public Market surrounded by a mixed-use development, and ALMOST pencils out. This designation could finally fill the gap. Treasury Secretary Steven Mnuchin said he expects over a $100 billion to be invested. The idea is wealthy Americans who have substantial capital gains can invest in poor communities for seven years, and their taxes will be reduced by 15 percent and payment delayed until 2026. Plus, the Opportunity Funds can invest in businesses start-ups, like our Public Market, and if those investments make a profit, after ten years those profits will be entirely tax-free. Questions are arising if these zones will actually work in NYC to address economic inequality. Hopefully one bad apple won’t spoil the bunch.
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