What are Opportunity Zones? Where are they in Burlington and Alamance County? What do they mean for investment and economic growth here?
Burlington Economic Development Director Peter Bishop fleshes out the US Dept. of Treasury / IRS program and how it funnels trillions in capital gains going unused to kickstart low-income areas nationwide.
Burlington has two zones: around Maple Avenue and northeast Burlington. Alamance County's other two are in Graham, and a swath of Haw River and Green Level.
In this episode:
:00 - What are Opportunity Zones, broadly, and how do they work?
3:40 - How and why were Alamance County's zones chosen?
6:30 - Where are Burlington's zones and why?
10:00 - How could this program help East Burlington economic development?
12:30 - Business growth, expansion, real estate, new business development
13:00 - Program puts more eyes on Alamance County and Burlington
14:00 - The possibility of a local or regional Opportunity Fund
16:00 - Direct versus indirect investment
18:00 - How the City of Burlington is promoting its Opportunity Zones
23:00 - When could we start to see results?
25:00 - $4 trillion in unrealized capital gains nationwide now available to invest
28:00 -- Return on investment versus local/regional impact: Which may win out?
30:00 - How can the average person get involved in these programs?
37:00 -- City of Burlington's documents and web resources coming soon