East Lee County Chamber of Commerce May 2021

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LEE COUNTY OPPORTUNITY ZONES In 2018, 15 census tracts throughout Lee County, FL were designated as Opportunity Zones. These zones are economically-distressed communities where new investments, under certain conditions, may be eligible for preferential tax treatment. Opportunity Zones are designed to spur economic development by providing tax benefits to investors. Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF). If the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged. What is an Opportunity Zone? Opportunity Zones are designed to incentivize new equity investments in low-income communities nationwide. All of the underlying incentives relate to the tax treatment of capital gains, and all are tied to the longevity of an investor’s stake in a qualified Opportunity Fund. There are three core tax incentives: Temporary Deferral: A temporary deferral of inclusion in taxable income for capital gains reinvested into an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the Opportunity Zone investment is disposed of or December 31, 2026. Step-Up In Basis: A step-up in basis for the deferred capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original deferred gain from taxation. Permanent Exclusion: A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued on investments made through an Opportunity Fund. There is no permanent exclusion possible for the initially deferred gain. Lehigh Acres has two Zones of Opportunity which makes it an attractive investment opportunity to the business community.
Lehigh Acres is one of Lee County’s fastest growing communities with nearly 100,000 residents calling the community home. Affordable housing and a casual lifestyle are attracting a younger population, dominated by families. With a strong supply of land, convenient access to Interstate 75, Southwest Florida International Airport and a growing workforce, Lehigh Acres is poised for continued growth. THE EAST LEHIGH ACRES ZONE OF OPPORTUNITY There are 53 businesses with a combined total of 442 employees within the East Lehigh Opportunity Zone. According to ESRI’s Retail Marketplace Profile Report, many types of businesses have the potential for success in this area. The East Lehigh Acres Opportunity Zone is approximately 13.29 square miles and is comprised of three census tracts: 403.08, 403.13, and 403.14. There are roughly 1,500 vacant parcels in this opportunity zone totaling almost 470 acres. Most have been subdivided into smaller lots but currently have zoning that allows for Multi-Family or Commercial uses. THE WEST LEHIGH ACRES ZONE OF OPPORTUNITY There are 39 businesses with a combined total of 124 employees within this Opportunity Zone. According to ESRI’s Retail Marketplace Profile Report, many types of businesses have the potential for success in this area. The West Lehigh Acres Opportunity zone is approximately 1.75 square miles and is comprised of one census tract: 401.22. Approximately 930 of those parcels, around 460 acres, currently have zoning that allows for Multi- Family or Commercial uses.
Page 1 and 2: EAST LEE COUNTY CHAMBER OF COMMERCE
Page 3 and 4: 2021 CHAMBER OF COMMERCE BOARD OF D
Page 5: GET INVOLVED Meetings Open To The P
Page 9 and 10: HELPING PEOPLE LIVE A LIFE FREE OF
Page 11 and 12: CALL TODAY! (239) 275-8569 LANDSCAP

East Lee County Chamber of Commerce May 2021

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