Developer Jeff Burns urges CRA to pursue Qualified Opportunity Zone designation for redevelopment area
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Summary
Developer Jeff Burns told the CRA board that reviving Qualified Opportunity Zone designation for parts of the redevelopment area could attract capital; Burns offered consultant support and asked the CRA to help complete paperwork and engage the city manager.
Developer Jeff Burns addressed the board about Qualified Opportunity Zones (QOZs) as a tool to attract investment to redevelopment areas, urging CRA support for paperwork and state-level advocacy. "Effectively... it's a tax incentive that incentivizes people to direct capital gains into certain census tracts," Burns said, describing how reinvested capital gains can yield tax deferral and potential tax exemption after holding an investment in a QOZ vehicle for the statutory period.
Burns described how his 06/13 project used QOZ financing and said the program could encourage additional investment in the redevelopment area if the correct tracts are included. He offered to provide consultants and paperwork guidance to staff and recommended meeting with CRA staff and the city manager's office to advance an inclusion petition to the state.
CRA staff and board members agreed to discuss the item with the city manager and to meet with Burns and his consultants to understand required materials and next steps. "That would be great for us to explore, especially as with us having reduced TIF," a CRA staff member said, adding the agency is open to exploring the idea.
Board members emphasized the need for efficient coordination with the city manager and for staff to return with a clear list of required actions if the board decides to proceed.