GCP and Partners Highlight Locations for Development Incentive
GCP, the Fund for Our Economic Future, and TeamNEO submitted a joint recommendation of 84 census tracks to the State of Ohio for designation as Opportunity Zones.
“We are focused on developing many neighborhoods in Cleveland,” said Joe Roman, President and CEO of GCP. “This includes encouraging investment around the Opportunity Corridor project, 25th Street Corridor, HealthTech Corridor, and many others. This new federal tool will help these efforts.”
The 2017 tax bill signed into law by President Trump included a provision that creates the Opportunity Zone program. This program, which is similar to the federal New Market Tax Credit, was originally pushed as separate legislation by congressional members in the House and Senate, including former Congressman Pat Tiberi. The goal of the Opportunity Zone program is to allow investors to defer capital gains from the sale or exchange of property by investing the proceeds in an Opportunity Fund. The fund would invest these assets in businesses within an Opportunity Zone. An Opportunity Zone is a qualifying census tract that has, among other criteria, a poverty rate of at least twenty percent.
Under the new tax law, Governors have until March 21st to nominate up to 25% of the qualified census tracts in their states as Opportunity Zones to the US Treasury. Treasury then has at least 30 days to approve the zones.
GCP submitted a joint prioritization list with the Fund for Our Economic Future and TeamNEO. In addition, GCP worked closely with the City of Cleveland, Cuyahoga County, and many other partners to identify potential census tracts.
The Greater Cleveland Partnership (GCP) provides a unified voice for the Northeast Ohio business community and policy priorities – driven directly by our members – have certainly resulted in positive outcomes in 2017 . The GCP is more energized than ever, however, and with critical tools at our disposal – like the Greater Cleveland Partnership’s Political Action Committee (GCP PAC) – we can continue to help ensure the collective voice of all our members is heard in state and local government.
The GCP recently unveiled the GCP PAC 2017 Annual Report, a document that summarizes the progress we’ve made to further strengthen the GCP PAC and the impact we can have going forward by collectively pooling our resources together for the betterment of our business environment.
We encourage you to learn more about the importance of the GCP PAC, how it has supported you and your business, to stand with your colleagues, and consider a contribution to the GCP PAC to help protect the gains we’ve made and to create additional opportunities for the future of Northeast Ohio.
Click here to make a donation to the GCP PAC today.
Our members’ support of our advocacy work comes in many ways. Whether you are an active member of our Government Affairs Council, attend the GCP Public Officials Reception, or volunteer your time in other ways we thank you for your engagement in GCP advocacy. Your participation allows us to make progress on the policy issues that are vital to help foster an atmosphere that allows the business community to achieve success.
Please consider making your contribution of $50, $100, $500, or $1,000 to GCP PAC today, so we can continue to lead the conversation in the development of common sense policy and regulatory reform.
“As Congress works to finalize the 2018 spending bill and begins the 2019 process, they must recommit to supporting transit funding,” said Marty McGann and Brandon Mendoza, co-directors for the coalition. “We call on the congressional members in the Great Lakes delegation to allocate robust funding and strong policy direction in the final spending packages.”
GLMCC is a national collective of chambers of commerce across the Great Lakes region that advocates on core federal policy issues. GCP is a founding member of the coalition and currently leads the strategic direction of the group in partnership with the Greater Pittsburgh Chamber of Commerce.
Ohio Chamber Research Foundation to create a blueprint for Ohio’s role in the new innovation economy. TEConomy is the lead consultant on this work and is gathering information from industry and thought leaders operating or doing business in Ohio to inform the development of this plan that will include state policy and program recommendations.
The following survey provides an opportunity for you to provide insight on innovation within your industry. It is intended to be completed by top level decision makers within your organization. Survey responses are due by March 23, 2018. If you have any questions regarding this survey, please contact: Marty Grueber, Research Director, TEConomy Partners at email@example.com.
Cleveland Named Most Improved Airport in North America
The 2017 Airport Service Quality Survey ranked Cleveland Hopkins Airport as the most improved airport in North America.
“We congratulate Robert and his entire team on this significant accomplishment," says John Luteran, vice president of finance and support services with GCP, "Their work to enhance the customer experience and improve the airport’s facilities helps us in our efforts to attract additional service and carriers, particularly international service to Europe and beyond.”