With millions of investment dollars at stake for Chester County and the surrounding region, the Chester County Economic Development Council is urging investors and real estate developers to seize the opportunity to invest in local Opportunity Zones and receive significant tax breaks.
“While financial advisors are often attuned to recommending key development projects happening across the country, we want to make sure that they are also aware of the opportunity to steer clients to potentially more lucrative projects right here at home,” said Gary Smith, President of the CCEDC.
To help keep investment dollars local, the CCEDC recently held a breakfast briefing entitled “Opportunity Zones: What Are They and How Will They Impact Chester County?”
The CCEDC also announced the establishment of its new Opportunity Zone Initiative, which aims to match local and national investors with investment opportunities in Chester County’s only designated Opportunity Zone, the City of Coatesville. CCEDC’s Opportunity Zone Initiative will also offer project underwriting and other facilitation services to help streamline the process. Non-Chester County investors are eligible and encouraged to participate.
“We are extremely excited about the potential economic impact that Opportunity Zones can birth,” said Michael Trio, Coatesville City Manager. “Coatesville has four federally designated Opportunity Zones in the city, placing us in the spotlight for creative development opportunities and projects.
“For example, the Amtrak-PennDOT station project slated for Coatesville presents many development options, that until now remained somewhat hidden as favorable tax incentives. One successful project in the Opportunity Zone can spring several others, creating a waterfall effect of commercial, retail, and industry development.”
Click here to learn more from the Chester County Economic Development Council.