Having been designated as an Opportunity Zone, Coatesville, the only city in Chester County, could soon start to see some significant benefits, writes Natalie Kostelni for the Philadelphia Business Journal.
In April, Coatesville officials gathered at City Hall to hear a presentation on Federal Opportunity Zones from Jaime Reichardt, managing director of Catalytica Capital, a New York consulting and investment firm.
The zones are part of the Investing in Opportunity Act section of the Tax Cuts and Jobs Act. Opportunity Zones could lead to millions of dollars in investments and development to revitalize once-thriving-but-now-struggling communities.
Gary Smith, president and CEO of the Chester County Economic Development Council, believes this could help kickstart the city’s revitalization.
“The Opportunity Zone is huge,” he said. “It’s going to be a transformational tool.”
Lately, there has been a concentrated effort to highlight some of Coatesville’s positive attributes to help attract investments. And there are signs this may already be working.
“Throughout my career, the tipping point is when you start fielding more phone calls than you are making,” said Sonia Huntzinger of the Coatesville 2nd Century Alliance. “We have reached that point.”
Read more about Coatesville in the Philadelphia Business Journal here.