Opportunity Zones are a new concept recently enacted in the 2017 Tax Cuts and Jobs Act. They are designed to encourage capital investments in low-income communities nationwide that have been cut off from capital and experienced a lack of business growth. The City of Evart (census tract 9704) is one of 288 census tracts designated as an Opportunity Zone in the State of Michigan. The Michigan State Housing Development Authority (MSHDA) has been designated as the State level contact for Opportunity Zones. They have placed much Opportunity Zone information on their website.
On January 23, 2019 Mr. Tim Mroz; Vice President, Strategic Initiatives from the Right Place Inc. and Mary Kay Shaver, Partner, Varnum LLP, provided a presentation on Opportunity Zones to a group from the City of Evart. In attendance were representatives from city government, the Downtown Development Authority (DDA), businesses, education, and non-profits. The group learned about what an Opportunity Zone is, how they were designated, how they work, what an Opportunity Fund is, how they can be created, what they can invest in, and the Next Steps Evart can take. Slide presentations can be viewed from the Opportunity Zone Related Links below.
Opportunity Zone Related Links:
- Michigan State Housing Development Authority, Opportunity Zone information
- Mr. Tim Mroz; Vice President, Strategic Initiatives, presentation slides from January 23, 2019 Evart meeting
- Ms. Mary Kay Shaver, Partner, Varnum LLP, presentation slides from January 23, 2019 Evart meeting
- Opportunity Zone Fund Directory published by National Council of State Housing Agencies
- Varnum Attorneys At Law, Qualified Opportunity Zone Fund Investments information