FOR IMMEDIATE RELEASE:
Public Information Office
Opportunity Zones: The City of Lauderdale Lakes Encourages Opportunities for Private Investment
Over the years, the City of Lauderdale Lakes has contributed a significant investment in roadway enhancements, beautification projects, new parks, new bus shelters and infrastructure improvements. This effort has also led to participation from the private sector to construct new homes and commercial buildings. Opportunity Zones support the City’s effort to stimulate investment, create jobs and ultimately boost economic growth. “We have already been contacted by firms that would like to work in collaboration with the City of Lauderdale Lakes to identify development and redevelopment opportunities.” said Phil Alleyne, City Manager.
Recently, public comments were accepted to update federal rules regarding the qualifications for opportunity funds and eligible investments. On a local level, State Representative Anika Omphroy (District 95) announced the filing of Opportunity Zone legislation and Opportunity Zone funding proposed by Governor Ron DeSantis to market Opportunity Zones in the State of Florida. The City of Lauderdale Lakes poised to benefit greatly from the expanded outreach and resources to investors.
The Tax Cuts and Jobs Act of December 2017 established the Opportunity Zone Program designed to encourage investment in communities that are challenged by economically distressed conditions. The State of Florida and U.S. Department of Treasury approved and certified six out of eight census tracts in the City of Lauderdale Lakes as Opportunity Zones. “We embraced Opportunity Zones as a means to infuse private dollars in communities of great need.” said Mayor Hazelle Rogers. The City of Lauderdale Lakes & CRA budget does include our commitment to reinvesting in our city and we will continue to engage our property owners.
For more information please feel free to contact the Public Information Office at 954-535-2838.