The City of Eau Claire is sponsoring an "Idea Lounge" meeting on the evening of August 14 to explore the potential for developing projects in the three areas in the city designated as Qualified Opportunity Zones earlier this year.
The Opportunity Zones program was established by Congress in the Tax Cut and Jobs Act as an innovative approach to spurring long-term private sector investments in low-income urban and rural communities nationwide. The program is based on the bipartisan Investing in Opportunity Act. The program establishes a mechanism that enables investors with capital gains tax liabilities across the country to receive favorable tax treatment for investing in Opportunity Funds that
are certified by the U.S. Treasury Department. The Opportunity Funds use the capital invested to make equity investments in businesses and real estate in Opportunity Zones designated by each state.
Rep. Ron Kind (D-3) was one of the sponsors of the Investing in Opportunity Act, and Governor Walker designated the Wisconsin zones in March. The Eau Claire Chamber wrote a letter in support of including zones in Eau Claire.
The City was recently approached by a potential Qualified Opportunity Fund about projects in our area. The August 14 meeting will be an opportunity to meet the developers and provide input on projects that could be financed utilizing Opportunity Funds. They could include business ideas, construction projects, and redevelopment ideas located in the Opportunity Zones. This is a free event. Light refreshments provided.
Opportunity Zones Idea Lounge
Tuesday, August 14, 7:00-8:30 p.m.
Royal Credit Union, 200 Riverfront Terrace, Eau Claire River Room (1st Floor)
Click here for more event information
Eau Claire Chamber
The Eau Claire Chamber of Commerce has more than 1,200 members.