Conference to Focus on New “Opportunity Zone” Incentives for Investment in Coachella Valley and Blythe
INDIO – Riverside County is putting on a conference for community members to learn about Opportunity Zones, an incentive designed to attract investment into communities with high need.
The Eastern Riverside County Opportunity Zone Conference will be from 2 p.m. to 5 p.m. on Tuesday, January 21. It will be held in the Tuchil Room at Fantasy Springs Resort Casino, 84 245 Indio Springs Parkway, Indio.
The conference is presented by the Riverside County Economic Development Agency and is free to attend. Local residents as well as public officials, economic development professionals, investors and the business community can benefit from the knowledge shared by Opportunity Zone specialists.
Anyone interested in coming should RSVP at www.RivCoOZ.com/events.
“Opportunity Zones are additional economic development tools that can potentially aid our efforts to drive investment and jobs and reduce poverty in disadvantaged communities,” said Supervisor V. Manuel Perez.
Supervisor Perez and Rob Field, Assistant County Executive Officer/EDA, will give welcoming remarks to open the event. Guest speakers Larry Kosmont and Blake Christian will share the ins and outs of the program and answer questions.
Opportunity Zones were created under provisions of federal tax law, the Tax Cuts and Jobs Act of 2017, signed by President Donald J. Trump. Opportunity Zones provide several tax advantages to investors. The purpose of the zones is to encourage business investments into qualified areas which have, for instance, poverty rates of at least 20 percent or median family incomes lower than 80 percent of statewide or metropolitan area median family income.
The program allowed the Governor to nominate up to 25 percent of eligible Census tracts to be designated as Opportunity Zones.
The Riverside County Economic Development Agency has created a Web site, www.RivCoOZ.com, showing maps of Opportunity Zones in Riverside County to highlight these areas and the benefits of investing within the county.
In the Fourth District, there are seven contiguous Opportunity Zone areas, many encompassing multiple Census tracts. The largest one, by far, is the eastern Coachella Valley, spanning portions of the Cities of Coachella and La Quinta and the communities of Thermal, Oasis, Mecca and North Shore. Other Opportunity Zone areas are designated in parts of Blythe, Cathedral City, Desert Hot Springs, Indio and Palm Springs.
There are a number of Opportunity Zone areas in western Riverside County. A similar county event will be held in Corona earlier Tuesday.