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PMC provides a wide variety of services in connection with billions of dollars of construction and development projects all over the United States. Examples of our projects are below; you can also view them grouped into categories by our client’s industry or sector or by the type of services provided.

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On December 12, President Trump signed an Executive Order creating a council of 13 federal agencies charged with developing policies and programs to support investment in Opportunity Zones.

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While the mandate to the new White House Opportunity and Revitalization Council is not limited to Opportunity Zones, the Executive Order clearly is motivated by a desire to facilitate investments in Opportunity Zones. On the other hand, it is not yet known whether any programs developed by the inter-agency council will be applied to all Opportunity Zones or distressed areas, or will apply more selectively.

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The order includes time periods (of up to one year) for the issuance of recommended changes to support the development of these distressed areas. An observation is that some investors might delay their investment decisions to better understand what additional benefits will be available from this initiative. We are not suggesting that anyone should delay a project, but simply note this implication.

Potential federal support, in addition to the tax benefits of the Opportunity Zone program, could include funding for infrastructure and crime reduction. In addition, the Executive Order directs the council to recommend policies that would streamline application processes and align certain program requirements to facilitate use of multiple programs to fund a project. Investors should keep in mind, however, that statutory and/or regulatory actions may be needed to adjust terms and conditions of existing programs. Once desired adjustments are identified, such changes would take months to enact. These timelines could clash with the deadlines already in place under the Opportunity Zone program.

We will continue to monitor these developments. If you’re not already on our mailing list, please sign up to receive future client alerts: <a href="http://www.pages05.net/thompsonhinellp/Subscribe/index.html" target="_blank" rel="noopener">Subscribe</a>.

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For more information, including a list of our Qualified Opportunity Zones team members, please visit the <a href="https://www.thompsonhine.com/services/qualified-opportunity-zones">Qualified Opportunity Zones page</a> on our website.

This advisory bulletin may be reproduced, in whole or in part, with the prior permission of Thompson Hine LLP and acknowledgment of its source and copyright. This publication is intended to inform clients about legal matters of current interest. It is not intended as legal advice. Readers should not act upon the information contained in it without professional counsel.

This document may be considered attorney advertising in some jurisdictions.

Executive Order Increases Support for Opportunity Zones