Denver, CO — In it’s continuing efforts to stay at the forefront of Opportunity Zone initiatives in Colorado, the City of Montrose sent its director of business innovation and tourism, Chelsea Rosty to an exclusive meeting with White House officials on Thursday, September 12.
The invitation-only meeting, held in Denver, was one of a handful of roundtable discussions hosted by Scott Turner. Turner is the executive director of the White House Opportunity and Revitalization Council — a group of cabinet members and White House officials charged with coordinating federal agency efforts to magnify the impact of investments in Opportunity Zones.
Discussions at the meeting centered around Opportunity Zone success stories as well as challenges within Colorado. In the room were representatives from state and federal agencies and small businesses. Rosty was the only representative from a municipality.
“It was a true honor,” reports Rosty, “to sit before a person from the White House and tell him our stories as well as share the realities of economic development in a rural area.”
Rosty told Turner of the two Opportunity Zone successes Montrose has achieved since the initiative’s inception in late 2017. Montrose-based Proximity was the first business in Colorado to take on funding backed by Opportunity Zone investment. Additionally, a substantial piece of property within Montrose city limits is under contract with Opportunity Zone dollars that could result in a large number of residential units coming online in the city.
“We have great leaders in Montrose,” Rosty said, “leaders who had the forethought to direct our preparation for this initiative. Our City Council and our partners at Montrose County pushed us to be frontrunners. As a result, I had the good fortune of telling our first success story to an exclusive room of people in a very proud moment for Montrose, Colorado.”
Opportunity Zones, part of the 2017 Tax Cuts and Jobs Act, are a new federal incentive meant to spur investment in undercapitalized communities. Any corporation or individual with capital gains can qualify to participate as investors. The program provides three tax benefits for investing unrealized capital gains in Opportunity Zones: a temporary deferral of taxes on previously earned capital gains, a basis step-up of previously earned capital gains invested, and permanent exclusion of taxable income on new gains. Investors can take advantage of one or more of the benefits.
Rosty reports that the city and its partners have plans to continue marketing the community as a prime investment location for Opportunity Zone dollars.
More information is available at cityofmontrose.org/ozs.
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