Title
An Ordinance Of The City Of Hollywood, Florida, Amending Article 4 Of The Zoning And Land Development Regulations Entitled "Schedule Of District, Use And Setback Regulations" By Amending Section 4.6 To Extend The Incentive Program For The Opportunity Zone To Include Sites Or Portions Of Sites Along Federal Highway And 21st Avenue Corridors; Providing For A Repealer Provision And A Severability Clause. (19-T-66)
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
SECOND READING:
During the first reading, on November 2, 2022, several questions were raised regarding the exact boundary of the census track for this opportunity zone. In response, staff has refined the text to make the locations clearer. As described in the attached ordinance, the text change for this incentive will only apply to properties having frontage on 21st Avenue or the west side of Federal Highway; both of which align with this census track.
FIRST READING:
At the June 14, 2022 meeting, the Planning and Development Board unanimously recommended approval of the text amendment.
Opportunity Zones were created across the country through the passage of the 2017 Federal Tax Cuts and Jobs Act with Governors in each state able to designate 25 percent of the qualifying census tracts as Opportunity Zones to incentivize investment in these economically distressed areas. Two census tracts in Hollywood (12011080500 and 12011091801), were designated Opportunity Zones and investments in these areas receive preferential tax treatment under the U.S. Tax Cuts and Jobs Act of 2017. Through investing capital gains in a qualified Opportunity Fund, an investment vehicle organized to make investments in Opportunity Zones, investors can defer federal taxes on that gain until no later than December 31, 2026. Those who hold the investment in the Qualified Opportunity for 7 years will receive a 15 percent step up in basi...
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