Economic Development, Featured, Government, Uncategorized, Upcoming Event
Bessemer Unveils Opportunity Zone Prospectus
The city of Bessemer has unveiled its prospectus for its federally-designated Opportunity Zone.
STRADA Professional Services recently completed an Opportunity Zone prospectus for the city of Bessemer. Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States.
Their purpose is to spur economic growth and job creation in low-income communities while providing tax benefits to investors.
Opportunity Zones, or OZ, were created under the Tax Cuts and Jobs Act of 2017 (Public Law No. 115-97). Thousands of low-income communities in all 50 states, the District of Columbia and five U.S. territories are designated as Qualified Opportunity Zones.
Taxpayers can invest in these zones through Qualified Opportunity Funds.
The city of Bessemer’s Opportunity Zone includes Downtown Bessemer, the Westlake community and portions of the Jonesboro Community along Fourth Avenue North to Ninth Street.
To review the city’s OZ Prospectus: See Attachment Click Here