REDMOND, OR -- Redmond Mayor George Endicott is on his way to Washington, D.C. to meet with members of the Trump Administration. Endicott tells KBND News they'll discuss Opportunity Zones, which were created in the 2017 tax reform bill. "I’ve been invited, I was told, because Redmond has some success stories in that area. We currently have two major efforts underway in Redmond that have taken advantage of the Opportunity Zone. One, is the old hotel." He says renovations at the historic New Redmond Hotel are moving forward because of the program, "The developer, there, needed additional funding just about the time this Opportunity Zone idea came up. And so, he’s got additional investors to help him finish the hotel project."
A 128-townhome project on the south end of Redmond, known as The 21 Canal, is also benefiting from an Opportunity Zone designation, "These projects might not have happened but for the opportunity zone concept to come into play." Opportunity Zones allow investors to receive tax breaks when they reinvest capital gains in to qualifying properties; it's designed to revitalize under-served areas.
Endicott expects to talk with the Secretaries of Treasury and Housing and Urban Development, among other officials, during the Wednesday meeting, "There are about 8,400 opportunity zones around the United States and they’ve apparently, as I understand, invited about 150 people to attend."