Economic Development

In February 2018, we engaged Bruce Katz and the late Jeremy Nowak to unravel the new Opportunity Zone legislation and help the public sector actively steer capital into investments that deliver a return both for private investors and the community. We developed the Investment Prospectus tool for local communities to organize themselves and take advantage of the legislation, which has now been utilized by more than 44 cities.

We help attract Opportunity Zone investments that benefit underserved communities and not just wealthy investors. We also provide technical assistance, best practices, and a network within which to work. Now, we are evolving our tools beyond Opportunity Zones to create community wealth writ large.

As we continue to grow the impact of our work, we are experimenting with how to leverage the Prospectus to create wealth-building tools and inclusive investment vehicles beyond Opportunity Zones. Aaron Thomas, our Director of Economic Development, and his team work closely with Blueprint Local, Shift Capital, the Nowak Metro Finance Lab at Drexel University and others, as we codify these new norms. We are highly collaborative and have numerous partnerships that reach across the nation.

People seated around a conference table.

 

Eric Garcetti and others walking in a hallway.