I might say that all of Detroit is an opportunity zone. At least I see it that way.
But let’s break it down to the actual opportunity zones that the city has identified for development, and I’ll insist that these are areas I’ve had my eye on for a long, long time.
Opportunity comes where you don’t yet see it. Opportunity is undeveloped. It’s not a bandwagon, everyone’s-in type of move. It’s sniffing out the potential for future growth and being the first or second one in the door. That’s true opportunity. Once the masses arrive, you’ve lost the chance to do something of true investment.
According to MSHDA (the Michigan State Housing Development Authority), “Opportunity Zones are a new concept enacted in the 2017 Tax Cuts and Jobs Act.” The idea is to provide incentives to invest in low-income communities across the country that “have been cut off from capital and experienced a lack of business growth.”
Many parts of Detroit certainly fit this definition.
Once identified, these zones receive up to three types of tax incentives from the government to build long-term value and true growth potential.
In Wayne County, the entire city of Detroit, along withneighboring Hamtramck and Highland Park, have been identified as Opportunity Zones. Within Detroit itself, there are even smaller areas of opportunity, many along the riverfront, which are areas we’re had our eye on for a long, long time.When all eyes are on Detroit and the immeasurable opportunity here, we know it’s time to act. Let’s invest. Let’s make our city better than it once was. Let’s reinvent a whole new Detroit, where opportunity abounds.