Local developer urges West Chicago to pursue new federal Opportunity Zone nominations

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 not require city subsidies.

"Basically, opportunity zones are powerful because they don't rely on the subsidies of the city," Dr. Joe Sheehan said, adding that investors can defer capital gains tax and potentially avoid it after a 10-year holding period. He recommended that West Chicago coordinate with DuPage County and the governor's office (required for nominations), identify zoning-eligible census tracts, and prepare a short economic-development prospectus; he estimated a new designation could bring "probably over $10,000,000" in private investment.

The council did not take immediate action during the meeting but the mayor thanked Sheehan for the information and said the matter would be discussed "in due time." The suggestion was presented as advice and potential next steps rather than a formal plan; no resolution or motion to pursue nominations was made that night.

Sheehan framed the proposal as time-sensitive: the nomination period opens in June and closes in July. He told the council the nomination process moves quickly and communities should be prepared to file within the short window if they wish to be considered.