Did you know that two Opportunity Zones are located right here in Tamarac?
What is An Opportunity Zone?
An Opportunity Zone is a census tract designated by the federal government. Within an Opportunity Zone, investments receive preferential tax treatment, per the 2017 Tax Cuts and Jobs Act. The goal of Opportunity Zones is to use these tax incentives to spur job creation and economic development.
What Role Does the City of Tamarac Play?
The City of Tamarac connects Qualified Opportunity Funds with projects that are eligible to participate. The city’s goals are to:
- Support commercial investment and development
- Promote inclusive and equitable growth for existing businesses and residents
- Create a means to protect existing businesses and residents from displacement
The Advantages of Investing in Opportunity Funds
By investing in Opportunity Funds, investors can defer federal capital gains taxes until December 31, 2026. In addition, they can reduce their capital gains taxes by up to 15%, and investors who retain their Opportunity Fund investment for 10 years will pay no taxes on any gains earned on the investment.
Tamarac’s Two Opportunity Zones
Tamarac’s two opportunity zones are in a portion of two census tracts (Census Tract 12011050310 and Census Tract 12011050207). In addition, both census tracts are federally designated for the New Markets Tax Credit program.
Spotlight: Four Corners Shopping District Redevelopment Area
A portion of Tamarac’s Opportunity Zone is within the Four Corners Shopping District Redevelopment Area. According to the City’s Opportunity Zone Prospectus, this is “an important retail shopping destination and gateway to Tamarac, the marketing analysis in the 2014 Commercial Arterial Redevelopment Study identified demand at Four Corners that would support additional commercial development. Since the study was published, hundreds of new additional residential units have been built in this area; creating more demand and an untapped opportunity for commercial investment.”
The Prospectus goes on to note that “Tamarac is laying the groundwork for the future and we have invested in an expanded fiber optic network for greater connectivity and smart infrastructure. From bringing new life to outdated shopping plazas to new housing options for a broad spectrum, to programs and services for every segment of our community, it’s all happening here.”
Learn More About Opportunity Zones
You can learn more about the Opportunity Zone program at:
- Internal Revenue Service IRS | Opportunity Zones Frequently Asked Questions
irs.gov/newsroom/opportunity-zones-frequently-asked-questions - Economic Innovation Group | Opportunity Zones
eig.org/opportunityzones - Council of Development Finance Agencies Opportunity Zones
cdfa.net/cdfa/cdfaweb.nsf/resourcecenters/OZ.html - Community Development Financial Institutions Fund (CDFI) Opportunity Zones Resources
cdfifund.gov/pages/opportunity-zones.aspx
The complete City of Tamarac Opportunity Zone prospectus is available here.
To learn more about investment and redevelopment opportunities in Tamarac, or if you have a Tamarac real estate or operating business project that you would like for potential investors to know about, contact the City of Tamarac Economic Development Office at (954) 597-3513, or email Lori.Funderwhite@Tamarac.org.
