A group of Cuyahoga County economic development organizations is taking as much advantage as possible of an expected rush to turn capital gains into tax-sheltered investments in target neighborhoods. The Opportunity Zone legislation was created to allow for a larger net of financing, especially equity investments in startup or early-stage businesses. "The Economic Innovation Group, the Washington, D.C., think tank that helped shape the Opportunity Zone legislation in 2016, estimated there is $6.1 trillion in unrealized capital gains to investments in distressed communities." The group, under the banner "Opportunity CLE," has put together an investment prospectus and is developing a website and digital portal to attract both local and national investment to federally designated census tracts considered economically distressed. It also wants to ensure the investments have as much of what the group calls "social impact" as possible.
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