Opportunity Zone Magazine Opportunity Zone Magazine Volume 1, Issue 1 | Page 21

OPPORTUNITY ZONES: TIME FOR LOCAL COMMUNITIES TO GET IN THE GAME
Even with no direct involvement in the Opportunity Fund
investment process, local governments still have control
over local development. Permitting, zoning, infrastructure
and more is under local government or state government
control, and all of these pieces can help drive specific
investment in zones.
For example, streamlining permitting processes can help
ensure zone investments are made in a timely manner, a
critical component to the current guidelines. Permitting can
cause monthslong or yearlong delays in some cities, and can
hamper Opportunity Zone investment because of the strict
time frames.
Low-income communities in Opportunity Zones across
the United States will draw investment and grow over the
next decade because of this legislation. Your community
may be one of them. So, get in the game. Learn the rules.
Meet the players. Have a goal. And get started. Your
community deserves the opportunity for growth, and you
can help make sure this growth impacts your community
positively for decades to come.
Rezoning can also be used to drive specific investment. If
the local government wants certain properties to be used for
affordable housing, ensuring the zoning matches the desired
development can mean time and money saved for developers
and investors.
Local governments can look at infrastructure improvements
in zones as well. Adding improved roadways, sewer and water
infrastructure, and even high-speed internet access can all
make particular parcels or zones more attractive than they
currently are for investors.
NEXT STEPS FOR OPPORTUNITY ZONE INVESTMENTS
The private sector continues to outpace the public sector in
the Opportunity Zone field, but local communities can catch
up with a dedicated commitment. In the next few months,
additional guidance on Opportunity Zone investments will
be coming out from the U.S. Department of the Treasury.
This guidance will provide more information to investors,
developers and communities on how investments will be made
over the next 10 years.
Communities need to engage today. This will help ensure that
investments are made with the support of each community
and are compatible with the vision of each community.
E rin G illespie founded Madison Street Strategies in 2018.
She has almost two decades of experience in media and public
relations, crisis management, communications and government
affairs. Most recently, she served in executive management at
the state agency leading Florida's workforce, community and
economic development. Gillespie has extensive disaster recovery
experience, leading statewide private sector recovery efforts after
Hurricanes Irma, Maria and Michael. In her role with the state of
Florida, she led the state's selection of 427 Opportunity Zones
and worked with communities to develop strategies to attract
Opportunity Fund investment.
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