OPPORTUNITY ZONES Economic Development Administration U S Department

OPPORTUNITY ZONES Economic Development Administration U. S. Department of Commerce

MISSION To lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy. EDA’s Role Work at the grassroots level (EDDs, EDAs, Non-profits, Educational Institutions) to assist with locally-driven sustainable economic development based on your community’s needs. 2

Opportunity Zones and EDA What is our role? What actions have we already taken? • In FY 18, EDA issued a Notice of Funding Opportunity that made Opportunity Zones eligible for funding from EDA, through its special needs category, even if the area would not meet EDA’s economic distress criteria. • In June 2019, EDA added Opportunity Zones as one of its five Investment Priorities* to help significantly increase the number of catalytic Opportunity Zone-related projects that EDA can fund. • EDA developed a new special initiative codes and a coding framework to help better define and capture EDA’s engagement in Opportunity Zones. • Since FY 2018, EDA has invested over $351 million in 258 projects in Opportunity Zones, near Opportunity Zones, or in Opportunity Zone-related projects. • As part of the White House Opportunity and Revitalization Council (WHORC), Dr. Fleming is providing overviews of EDA’s role in the initiative at roundtables that are bringing together local elected officials, business leaders, community groups, and others across the country. 3

OZ Investment Priority • Opportunity Zones: Planning and implementation projects aimed at attracting private investment – including from Opportunity Funds – to grow businesses and create jobs in Census tracts that have been designated as Opportunity Zones. This includes targeted projects located within an Opportunity Zone; projects that, while not located within an Opportunity Zone, have a clear intent of benefitting nearby Opportunity Zone(s); and regional projects that encompass an area containing at least one Opportunity Zone with a clear intent of benefitting that Opportunity Zones are designed to spur economic development by providing tax benefits to investors. 4

PROGRAMS • Public Works and Economic Adjustment Assistance Programs (includes the Assistance to Coal Communities) • 2018 and 2019 Disaster Supplemental Programs • Regional Innovation Strategies (RIS) Program • Local Planning and Local Technical Assistance Program https: //www. grants. gov 5

RECENT OZ INVESTMENTS • BUSINESS DEVELOPMENT CORPORATION OF THE NORTHERN PANHANDLE This $750, 000 investment will enable the BDC and West Virginia Northern Community College to provide an industry supported 20 week welding training program to assist this federally designated Opportunity Zone. • CAPON BRIDGE SEWER SYSTEM EXPANSION/EXTENSION This $1, 232, 000 investment will assist with the provision of sewer service to the Capon Bridge Business and Technology Park located in a federally designated Opportunity Zone. • HIVE BUSINESS HUB This $750, 000 investment will provide needed economic stability through the expansion of the HIVE entrepreneur and business assistance programs in 12 of the most southern counties in the coalfields of West Virginia and will be located in the Beckley Opportunity Zone. 6

Thank You! Tracey Rowan Economic Development Representative 304 -550 -5458 trowan@eda. gov https: //eda. gov/ Questions? 7