As Coatesville continues on its road to revitalization, the last of three Qualified Opportunity Zone briefings recently gave a comprehensive update to those interested in capitalizing on QOZ incentives, according to a report from the Daily Local News.
The invitation-only symposium was attended by more than 80 investors, developers, bankers, and residents who are considering investing in Coatesville. This latest interest is largely due to the growing number of development opportunities in the city.
“We have now reached an important tipping point toward real development action and matchmaking with investors and entrepreneurs,” said James Logan, Coatesville’s Assistant City Manager. “The Opportunity Zone initiative has re-energized interest from developers who have considered Coatesville previously and are now coming back with renewed interest.”
He said that it is important to navigate this growth in activity and “balance out smart economic development with civic-minded awareness.”
In June 2018, the Opportunity Zone designation was awarded to four census tracts within the City of Coatesville. This federal program gives investors the opportunity to build tax-free wealth by deferring taxes on capital gains for seed capital to fund redevelopment projects in local communities.
Read more about Coatesville in the Daily Local News here.