Updated: Apr 25, 2019
On January 14, the Jack Kemp Foundation joined Weller Development at City Garage to host the Kemp Forum on Opportunity Zones. Addressing the room of business professionals and government officials, Jimmy Kemp explained, “this landmark legislation that we’re going to be discussing today…it’s great that it’s been passed into law, but it’s execution that matters.“
Baltimore Mayor, Catherine Pugh, opened the gathering and emphasized that Baltimore is the most prepared city to utilize Opportunity Zone investments for the good of its citizens. Via video message, US Senator Tim Scottdiscussed the purpose behind and creation of the Investing in Opportunity legislation, which originally proposed Opportunity Zones.
John Lettieri, Economic Innovation Group, President and CEO, interviewed Maryland’s Lt. Governor Boyd K. Rutherford on the state’s approach to and support of the designated Opportunity Zones. The event concluded with a round table discussion which included Michael Novogradac, Managing Partner, Novogradac & Company, Mary Miller, Former Under Secretary for Domestic Finance, US Treasury, Gary Hecimovich, Partner, Deloitte Tax, Lt. Governor Rutherford, Margaret Anadu, Managing Director and Head of the Urban Investment Group, Goldman Sachs, Marc Weller, Founding Partner, Weller Development, Secretary Ken Holt, MD Department of Housing and Community Development, and Ben Seigel, Opportunity Zone Coordinator, City of Baltimore.
Key Takeaway: The State of Maryland and the City of Baltimore have leveraged the federal tax code change to further incentivize private sector investment. In other words, “Maryland is open for business!”