Is there a strategy with a proven track record that can help us increase investment into our Opportunity Zones?
My first suggestion is to provide financial assistance, such as grants, subordinated cheap debt, streamlined permitting etc. The second is to reach out to some of the large Opportunity Zone funds and show them your zone potentials. Identify the highest and best use and the potential benefits to a fund investing in your zones. Quantify the opportunity from a development perspective and publicize it.
I would partner with the local governments and try to offer extra incentives. The OZ program is compatible with any other tax incentive that might be offered by a state or local government, so I would contact your local leaders and try to do what some jurisdictions have done in Ohio (as an example), which is to pile further benefits on top of the OZ rules. You can offer tax credits, property tax abatements, sales tax abatements, all sorts of stuff.
I have seen some really strong Opportunity Zone investment prospectuses (pitch decks) from small and large markets that are focused, professionally done and have extreme detail on the community demographics in support of targeted projects/targeted OZ parcels, that also profiles the OZ parcels, the planning and zoning inside and around the OZ parcels, the infrastructure, utility and topography graphics, the project profiles with current investment breakdowns (partial capital stack), the profile of potential public funding sources that could augment any OZ investment (TIF, state, brownfields, infrastructure, job creation, funds), official contact as well as contact information for local partners of significance, and a targeted description/pitch to the sector that OZ funding is being sought (MF housing, versus commercial, industrial, versus an actual business, etc.).....basically spend money and time on this. Then, start targeting in state and national OZ funds that align with the prospectus' projects. I have seen qualified OZ funds in some states that were really focused for both big city and rural projects and have staff attend conferences, hire consultants, and find other partners in the space to do the research to find the OZ funds that align with their community's prospectus. Networks with OZ funds when and OZ partners are critical when you are ready.
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