The Forbes OZ 20: Top Opportunity Zone Catalysts, a partnership between the Sorenson Impact Center and Forbes, have today (December 11, 2019) announced a new list recognizing community organizations and OZ Funds that are committed to achieving equitable economic growth in underserved and overlooked communities throughout the country. We are pleased to announce that the Erie Downtown Development Corporation (“EDDC”) & Flagship Opportunity Zone Development Company (“Flagship”) have been selected to represent the City of Erie as one of 20 communities and opportunity zone funds.
The EDDC and Flagship have been recognized by the Forbes OZ 20 for their collaborative work to position Erie as a national thought leader and model for communities trying to drive equitable and inclusive growth through the new Opportunity Zone tax incentive. Highlights of their recognition include the launch of the nation’s first municipal based Investment Prospectus, the creation of the nation’s first municipal based public-private partnership responsible for catalyzing Opportunity Zone investment, the EDDC’s plan to redevelop historic property in downtown Erie to improve access to healthy foods through their Food Hall and Culinary Arts district; and the success of Erie Homecoming, where over 300 individuals traveled to Erie to see first-hand a diverse range of investment opportunities in Erie’s eight Opportunity Zones.
EDDC VP of Community Engagement & Social Impact, Nicole Reitzell notes, “While working to attract investment, we’ve simultaneously been very focused on the social impact of this investment and what it really means for the people of our community. Learning that we’ve earned a spot as one of the finalists in this national campaign really validates our efforts to ensure equitable growth in Erie.”
More than 8,700 opportunity zones were designated as part of the 2017 Tax Cuts and Jobs Act. These zones were selected in collaboration with State and Federal leaders to drive investment into distressed communities. The incentive offers deferments and savings on capital gains when investors deploy funds in opportunity zone projects. Investments in opportunity zones are empowering teachers to live in the communities they serve, extending grid infrastructure and solar array construction in rural America, and expanding economic opportunity.
According to Matt Wachter, the EDDC’s Vice President for Finance & Development, “Recognition by the Forbes OZ 20 is a credit to the community, and the hard work of a number of individuals and institutions. We are investing in ourselves, and people are taking notice on a national stage. We should all be proud and humbled by the recognition received today by the Forbes and the Soreson Impact Center.”
Brett Wiler, Director of Capital Formation at the Erie Regional Chamber, and leader of the Flagship Opportunity Zone Development Company explained, “This national recognition is another testament to the unprecedented collaboration occurring in Erie from the private, public, and philanthropic sectors. Working together towards a common goal, leaders in the community have positioned Erie as a market ripe for Opportunity Zone investment. The Flagship remains committed to facilitating opportunities for investors locally and nationally to make financially fruitful and socially impactful investments in Erie to create positive community change.”
Jim Sorenson, Founder of the Sorenson Impact Center, said, “We received 113 applications to the Forbes OZ 20, with 62 Funds and 51 communities testing their OZ strategies through a rigorous selection process.
“The quality and standard of applications was excellent with communities and OZ funds showing a clear commitment to social impact. We are excited to share learnings from the Forbes OZ 20 to help other community organizations and OZ funds deliver real and meaningful change in the communities they support.”
