SARASOTA (WWSB) - Have you ever thought to yourself “Hey this could be a good piece of land to invest in?” while driving in Sarasota. Well, the City has named four areas as “Opportunity Zones” for investment.
Four improvised areas of the City soon see long-term investment and job creation after being designated as “Qualified Opportunity Zones” under the federal Tax Cuts and Jobs Act of 2017, according to a release from the City of Sarasota.
The program helps to revitalize low-income communities by providing tax advantages for private individuals and corporations who invest in an Opportunity Zone Fund. It encourages the private sector to reinvest capital gains from other investments into businesses and start-ups located in these Qualified Opportunity Zones, according to the release.
Poverty rates, family income, unemployment and other factors played a role in selecting the four zones in Sarasota.
Here is a larger look of the Opportunity Zones in the City of Sarasota:
“We want investors to know that these parts of our community, including the historic Newtown area, are open for business,” said Steve Stancel, the City’s general manager of economic development. “Our hope is that the Qualified Opportunity Zones can be a powerful catalyst for job creation, attainable housing and economic revitalization.”
The City identified and recommended six Census Tracts in the City limits for consideration by former Florida Gov. Rick Scott. About 8,700 Census Tracts around the country qualified.
Economic Development General Manager Steve Stancel spoke with ABC7 about this federal tax incentive program and how it could spur new development and redevelopment in Newtown and North Sarasota.