Any special strategy that is efficient to attract private investment into these kinds of OZs?
Some cities are putting together prospectuses to highlight areas in Opportunity Zones to encourage development and specify what types of development and public support those cities are willing to provide. This helps developers align their efforts with those of the city and provides confidence to investors that there is public support for projects.
Municipalities should look to their toolkits of other available incentives to encourage investment or build in these troubled census tracts. They can also look to streamline issues with zoning, etc. that might otherwise hold up a development project.
Cities can give out tax breaks over and above the OZ incentives. The cities and localities can also remove the zoning red tape associated with real estate projects and the licensing/permit red tape associated with operating businesses. Both measures are very effective at attracting investment. If a real estate developer understands a project is shovel-ready and won't get pushback from the government, she'll be much more interested in the jump. Similarly, if a business owner understands she'll be able to launch operations quickly without unnecessary delays from the government, she'll dive right into the enterprise rather than hemming and hawing about where she'll set up shop.
Establishing Tax Incentive Finance districts in the opportunity zones will help. Streamline the permitting process for OZ projects. Create a website touting the city opportunity zones and the potential tax benefits. If there are historical buildings in the area, get them certified as a historic district on the Department of Interior Registry of Historical Buildings.
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