By Jay Miller, Crain's Cleveland Business
A group of Cuyahoga County economic development organizations is hoping to take as much advantage as possible of an expected rush to turn capital gains into tax-sheltered investments in target neighborhoods called Opportunity Zones.
The group, under the banner "Opportunity CLE," has put together an investment prospectus and is developing a website and digital portal to attract both local and national investment to federally designated census tracts considered economically distressed. It also wants to ensure the investments have as much of what the group calls "social impact" as possible.
"There is a land rush going on right now around the U.S.," said Brad Whitehead, president of the Fund for Our Economic Future, at a meeting with Crain's staff. "Pretty much everyone is trying to figure out what to do about Opportunity Zones."
The Future Fund is a partner in the Opportunity CLE program. Other partners are the city of Cleveland, Cuyahoga County, the Cuyahoga Land Bank and the Greater Cleveland Partnership and its Cleveland Development Advisorsaffiliate. The Cleveland and Gund foundations are also supporting the investment-attraction program.
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