On Wednesday, December 12th, a gathering of more than 100 South Jersey business leaders and municipal government officials convened at the Governor Florio Center for Public Service for an Economic Development seminar on the new Opportunity Zone incentive program hosted by the Southern New Jersey Development Council (SNJDC). Attendees included professionals committed to the economic growth of the South Jersey region keen to learn more about the potential of the Opportunity Zones program, designed to spur economic development and to create new jobs in certain distressed communities.
Following brief welcoming remarks from the Office of U.S. Senator Cory Booker, co-sponsor of the bi-partisan Investing in Opportunity Act, Melissa Govette, Senior Relationship Manager with M&T Bank, the event’s title sponsor, introduced the panel of speakers and moderated the seminar. The distinguished panel of speakers was comprised of Brad Molotsky of Duane Morris, Geoffrey Smith of Eisner Amper, Marie Mascherin of New Jersey Community Capital and Christopher Wheeler from the New Jersey Department of Community Affairs.
The panel discussed the latest regulations, mechanics of opportunity zone investing, tax implications and how to better prepare communities for investments. Marie Mascherin, of New Jersey Community Capital, highlighted a case study of the Newark Arts Commons, a current ongoing project utilizing opportunity zone funding that will offer permanent affordable office space to nonprofit arts organizations and unique housing options.