OZ Bill Sponsor: I’ll Kill The Program If Communities Aren’t Benefiting

The City of Glenarden must get into the Opportunity Zone Program with open arms as the West Side of the City is designated an OZ and I eagerly support becoming an active planner and aligning investment with community priorities.

Sen. Tim Scott, who co-sponsored the bill that created the federal opportunity zone program, wants to issue a warning to developers and investors targeting opportunity zones.

Bisnow/Matthew RothsteinDevelop founder and CEO Steve Glickman and Sen. Tim Scott, who worked together in forming the legislation that became opportunity zones, discuss the program at Bisnow’s Opportunity Zones Summit in Washington, D.C., on June 26, 2019.

As his aides signaled for him to wrap up his on-stage interview with Develop CEO Steve Glickman at Bisnow’s Opportunity Zone Summit in D.C. Wednesday, Glickman — one of the architects of the opportunity zone program — prodded Scott to end on a positive note. Scott stood and smiled.

“I’m positive that if the opportunity zone program isn’t benefiting the communities it’s meant for, I’ll kill the program,” he said before walking off the stage.

Though Scott was the only person at the event with the power to potentially carry out such a threat, he was far from alone in imploring the assembled investors, developers, attorneys, and other professionals to use opportunity zone investing for its intended purpose of revitalizing underserved and low-income census tracts.

Source: OZ Bill Sponsor: I’ll Kill The Program If Communities Aren’t Benefiting

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