An Opportunity Zone is a census tract that has been classified as an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury. This program was created by the Tax Cuts and Jobs Act on December 22, 2017.
Opportunity Zones are an economic development tool that are designed to spur economic development and job creation in distressed communities by allowing investors to defer, reduce and potentially eliminate capital gains liabilities by investing in Opportunity Zone Projects.
Our Opportunity Zones
In collaboration with the City of Akron, City of Barberton, City of Cuyahoga Falls, Greater Akron Chamber, Development Finance Authority, Summit County Land Bank, Downtown Akron Partnership, Alpha Phi Alpha Homes, Environmental Design Group and Brennan Manna and Diamond, Summit County and its partners have developed a prospectus for opportunity zone investment within our community. To view our prospectus, please click here.
The Opportunity Exchange
In addition to the prospectus, our collaborationhas been strengthened through a partnership with The Opportunity Exchange to help make Summit County an easy place to make opportunity zone investments. The Opportunity Exchange offers a streamlined process and modern interface to allow marketing of our Opportunity Zone projects to a broad array of investors that use the exchange to find opportunities. To view the Summit County Opportunity Exchange, please click here or on the logo below.
If you have a project in Summit County that you think should be listed in the exchange, please contact:
Assistant Director of Economic Development