Opportunity Zone Magazine Opportunity Zone Magazine Volume 1, Issue 1 | Page 20

18
OPPORTUNITY ZONE MAGAZINE | VOLUME 1
•
ISSUE 1
The steps a community should take to find their vision and
then market that vision can look something like this: with Opportunity Zones and Opportunity Funds can
make this easier for you.
1. Designate a lead on the project: One agency or
organization needs to be responsible for shepherding
the community’s OZ vision forward. This can be a local
government agency, a chamber of commerce, economic
development organization or nonprofit. If you complete t hese first five steps, you will have
a marketable vision for your communit y’s growth in
Opportunity Zones. But there is more to be done.
2. Gather stakeholder input: This can be done
through community forums, online surveys, small
group meetings or other means to gather input from a
wide variety of community stakeholders. This should
include, at a minimum, local elected and appointed
officials, developers, investors, real estate professionals,
finance professionals, and small businesses. Ta x
attorneys, accountants and consultants who understand
Opportunity Zones can be very helpful in this discussion.
3. Write your vision down: Put together a community
prospectus, or marketing plan, to tell investors what your
strengths and weaknesses are. Economic statistics can
help tell your story by illustrating your workforce, major
industries, major employers and more. Be honest about
your challenges and highlight the opportunities. Make
sure you know what property is available in your zones
and what businesses are looking toward major growth.
4. Tell your story: Take your vision and share it with
your audience. Start locally, by ensuring the businesses
and developers and investors in your community know the
opportunities available. Then tell your story more broadly.
You can do this through social media and online by sharing
your prospectus with other communities and states.
5. Sell your story to investors: Tell them why to pick
you. Why is your community better/different/unique/
special/worth their time and, more importantly, their
money. Pitch your vision to find the right investment. A
dedicated marketing plan or marketing team that works
HOW CAN COMMUNITIES
ATTRACT THE RIGHT INVESTMENT?
There are many ways communities can drive investment in a
particular industry or to a particular geographic area, once the
basic community vision is complete.
Some communities are desperate for affordable or mixed-
income housing, some have industrial parks that are looking
for major manufacturing or distribution investments. Others
need assisted living or nursing home facilities for the elderly,
or really want to capitalize on small business growth in a
downtown area.
Communities all across
the country have a diverse set
of wants, needs, challenges
and successes. All of this
can help them drive
particular investment,
but the public sector must
commit to stay involved.
Communities all across the country have a diverse set of
wants, needs, challenges and successes. All of this can help
them drive particular investment, but the public sector must
commit to stay involved.
OPPORTUNITYZONEEXPO.COM