Page 24 - Delaware Lawyer - Spring 2019

FEATURE
can be difficult to reach a critical mass of amenities and people that will ultimately improve the perception of a city.
Revitalization efforts are needed nonetheless and require an intentional fo- cus on both place and people. Done prop- erly, these initiatives help to strengthen the civic fabric of a community for not only the current citizens, but also new residents and businesses.
Downtown Wilmington is in the midst of a renaissance and its momentum is visible even to the casual visitor. The resurgence of downtown living has at- tracted more affluent residents to the city, namely along the Riverfront and Mar- ket Street neighborhoods, which offer modern condos, restaurants and night- life amenities. Nearly 2,000 new units of housing have been constructed in the past decade, of which over 500 came on- line this past summer.4
Downtown Wilmington is in the midst of a renaissance and its momentum is visible even to the casual visitor.
Aside from physical revitalization, there have been significant place-making efforts at the leadership of organizations such as the Wilmington Renaissance Corporation, as well as city government.
Wilmington now boasts a thriving Cre- ative District with over 50 arts and en- tertainment venues, groups and orga- nizations.5 The groundswell of creative and cultural assets has led to innovative revitalization ideas and future plans such as artist live/work housing, community greenspace and more.
Attracting Federal Opportunity Zone Investment
Finally, at top of mind for all eco- nomic development professionals is how to attract investment to the community through the federal Opportunity Zone (OZ) program, particularly to areas out- side of large coastal cities.
In 2017, the Tax Cuts and Jobs Act created federal OZs, which are designed to provide long-term investment in eco- nomically distressed areas. The incentive provides tax relief on capital gains if in- vested into OZs through qualified Op-

Robert S. Smith, CPA Theresa D. Jones, CPA Robert Freed Theresa L. Hughes, MBA, CTFA, AEP Jennifer M. Rybicki, CPA, MST
22 DELAWARE LAWYER SPRING 2019