The New Opportunity Zones in Euclid
A large crowd filled a meeting room at the Euclid Public Library on January 16th for the Opportunity Zone Breakfast. The informational event was presented by the Euclid Chamber of Commerce and the City of Euclid, in partnership with sponsor and guest speaker Elliot Kijewski/Cushman & Wakefield / CRESCO Real Estate. The additional expert speakers included Stephanie Mercado of Kohrman Jackson & Krantz LLP, Vince Adamus of Greater Cleveland Partnership (GCP) and Paul Herdeg from Cuyahoga County.
Opportunity Zones are a new community development program established in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in eligible census track communities nationwide. The goal of the Opportunity Zone program is to allow investors to defer capital gains from the sale or exchange of property by investing the proceeds in an Opportunity Fund. The fund would then invest these assets in businesses within an Opportunity Zone.
Euclid has five Opportunity Zones, as identified in the image. Anyone interested in learning more about this program or properties in the Opportunity Zones is urged to contact Jonathan Holody, the Director of Planning and Development for the City of Euclid at 216.289.8154. Requests for the presentation materials may also be submitted to firstname.lastname@example.org. The Euclid Chamber of Commerce is also an excellent resource for businesses looking to make connections with other business or property owners, to learn more about the City of Euclid, or seeking assistance with business planning and growth. Contact Sheila Gibbons, Executive Director, at 216.731.9322 or email@example.com for additional information or to schedule a meeting.
submitted by: Sheila Gibbons, Executive Director, Euclid Chamber of Commerce
Sheila Gibbons, Executive Director, Euclid Chamber of Commerce