Did you know that 70% of the West Side has been designated a federal Opportunity Zone?
Terri Thao of Nexus Community Partners presented on Opportunity Zones at the March West Side Voices Forum. This kicked off our discussion around Opportunity Zones and what this means for the West Side.
According to the Minnesota Department of Employment and Economic Development website “Opportunity Zones are a new community development program established by Congress in the Tax Cut and Jobs Act of 2017 to encourage long-term investments in low-income and urban communities nationwide.”
We discussed: What are opportunity zones and who would benefit, who wouldn't? What is at stake for our neighborhood?
More information on Opportunity Zones:
IRS Opportunity Zones FAQ: https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions
State of MN Opportunity Zone Page: https://mn.gov/deed/business/financing-business/tax-credits/opp-zones/
The New York Times: Wall Street, Seeking Big Tax Breaks, Sets Sights on Distressed Main Streets
Federal Reserve Bank of New York: Opportunity Zones: Moving Toward a Shared Impact Framework
About Terri Thao
Terri Thao is a program director at Nexus Community Partners, a non-profit community building intermediary where she runs the Boards and Commissions Leadership Institute (BCLI). Terri is an active community volunteer, serving on the boards of the Asian Economic Development Association, East Side Neighborhood Development Company, the F.R. Bigelow Foundation, MN Housing, the St. Paul Planning Commission, and Voices for Racial Justice. She obtained her Bachelors’ and Masters’ degrees from the University of Minnesota. When she does have free time, she can be found running around town with her family or with her nose stuck in a book.