ICAD and Iowa City Area Chamber of Commerce to Present Information Session on New Opportunity Zones Designations

posted on Wednesday, September 19, 2018

A new community development program established by Congress in the 2017 Tax Cuts and Jobs Act will soon come to qualifying Iowa City and Coralville areas. The Opportunity Zones Program was created to encourage long-term, private investments into low-income urban and rural communities across the nation. The investments will be funded by federal taxpayers who choose to reinvest unrealized capital gains into Opportunity Funds, which will then be invested into the designated Opportunity Zones. “The goal of the program is to spur investment and entrepreneurialism in community areas with the highest need. We’re excited about the opportunities this program will provide to our neighborhoods,” Mark Nolte, Iowa City Area Development Group President.

The Iowa City Area Development Group and Iowa City Area Chamber of Commerce will be hosting an informational session on Thursday, October 11th from 10:30–11:30am at the Coralville Public Library for those interested in learning more about the Opportunity Zones Program. Leslie Leager with the Iowa Economic Development Authority and David Barker, President of Barker Companies will give attendees an overview of the program and insight on how the tax initiative can drive new investment into businesses and properties in the designated areas. Geoff Fruin, City Manager of Iowa City, and Kelly Hayworth, Coralville City Administrator, will provide additional information on Iowa City and Coralville’s qualifying areas. “While the Treasury and IRS are still working out the rules of the program, we want to make sure our communities are prepared to make the most out of this program.”

The session is free and open to the public. Individuals involved in accounting, tax planning, wealth management, development, construction, investment banking and related areas are encouraged to attend.

When: Thursday, October 11th 10:30–11:30am.

Where: Coralville Public Library, Meeting Room A

Parking: Attendees are asked to park on the lower level

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