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Local developer urges West Chicago to pursue new federal Opportunity Zone nominations
Summary
Dr. Joe Sheehan told the council the federal Opportunity Zone nomination window opens in June and closes in July and urged the city to coordinate with the county and governor’s office and prepare a short prospectus to unlock private investment, estimating it could bring "probably over $10,000,000."
Dr. Joe Sheehan, a local business owner and developer, urged the West Chicago City Council during public comment to pursue a new round of federal Opportunity Zone designations set to open in June and close in July. Sheehan said the designations—sometimes called "Opportunity Zones 2"—allow private capital to flow into communities through capital gains tax incentives and do…
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