The City of Paducah, Paducah Area Chamber of Commerce, and Greater Paducah Economic Development are partnering to provide a free seminar for the public to learn about Opportunity Zones in Kentucky.
On Wednesday, March 11 from 8:30 until 9:30 a.m., the public is invited to hear a presentation about Opportunity Zones from Senior Policy Advisor Jason S. Rainey with the Kentucky Cabinet of Economic Development (pictured). Rainey will provide an overview of Kentucky’s Opportunity Zones and how the zones were selected in addition to how the program benefits Western Kentucky. The free event will be at The Commerce Center, Paducah Bank Room, 300 South 3rd Street. Registration is not required.
Rainey says, “Opportunity Zones help address unique needs by forming partnerships with regard to tax benefits among the federal government, state and local leaders, and local investors to create an incentive that makes it even more possible for people to invest in projects in these designated areas, creating job growth and opportunities. I am excited what this program can mean for Kentucky as we continue to educate investors on projects and opportunities, like you have here in Paducah.”
Paducah Main Street Director Katie Axt also will provide information about Paducah’s two zones and the Prospectus of Projects for Paducah.
Axt says, “There is a wide target audience for this seminar. I feel that accountants, attorneys, financial advisors, developers, the business community, and anyone with capital gains tax will find the presentation and discussion beneficial.”
“Paducah is fortunate to have two zones selected. Our two zones are located along the Ohio River in downtown Paducah and the census tract just north of downtown. In the Prospectus of Projects for Paducah, you’ll find a variety of potential residential, commercial, and mixed-use projects. These projects are intended to be transformative in nature and will have significant community impact in these distressed census tracts if they are realized,” add Axt.
The Federal Tax Cuts and Jobs Act of 2017 led to the designation of two census tracts in Paducah along the Ohio River as Opportunity Zones. An Opportunity Zone is an economic development tool that provides an incentive to investing in those tracts. Investors can see a deferral and reduction of capital gains taxes for investments.
Visit Paducah’s Opportunity Zones to download the Prospectus of Projects.
Date of release: March 3, 2020