HomeMy WebLinkAboutR-18-0083City of Miami
Legislation
Resolution: R-18-0083
File Number: 3794
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 3/8/2018
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
URGING GOVERNOR RICK SCOTT ("GOVERNOR") TO DESIGNATE THE LOW-
INCOME CENSUS TRACTS ("TRACTS") AS IDENTIFIED IN ATTACHMENT "A,"
ATTACHED AND INCORPORATED, AS QUALIFIED OPPORTUNITY ZONES AS
FURTHER DESCRIBED IN THE TAX CUTS AND JOBS ACT OF 2017 IN ORDER
TO ALLOW THE SELECTED TRACTS TO PARTICIPATE IN THE
OPPORTUNITY ZONE PROGRAM AND GIVE FAVORABLE CAPITAL GAINS
TREATMENT TO INVESTMENTS WITHIN THOSE TRACTS; FURTHER URGING
THE GOVERNOR TO REQUEST A THIRTY (30) DAY EXTENSION, IF
NECESSARY, TO RESPOND TO THE UNITED STATES SECRETARY OF THE
TREASURY; DIRECTING THE CITY CLERK TO TRANSMIT A COPY OF THIS
RESOLUTION TO THE GOVERNOR
SPONSOR(S): Commissioner Wifredo Gort
WHEREAS, the Tax Cuts and Jobs Act of 2017 ("Act") created a new community
investment vehicle, the Opportunity Zones Program ("Program"), which is a community
development program designed to drive long-term capital to rural and low-income urban
communities throughout the nation; and
WHEREAS, the Program provides tax incentives for investors to re -invest their
unrealized capital gains into newly established Opportunity Funds that are dedicated to
investing in Opportunity Zones; and
WHEREAS, Opportunity Funds are private sector investment vehicles that invest at least
90% of their capital in Opportunity Zones; and
WHEREAS, the Program uses low-income community census tracts ("Tracts") as the
basis for determining the eligible areas for the Opportunity Zone designation; and
WHEREAS, pursuant to the Act, the Governor of each state and territory has ninety (90)
days from December 22, 2017 to designate up to twenty-five percent (25%) of the total number
of low-income census Tracts in their respective state as Opportunity Zones; and
WHEREAS, each state's Governor must communicate his or her recommendation for
the Opportunity Zone designation by March 21, 2018 to the United States Secretary of the
Treasury, unless a Governor chooses to request a thirty (30) day extension which would give
the Governor a total of one hundred twenty (120) days to complete his or her recommendation;
and
WHEREAS, by failing to submit Opportunity Zone nominations by the deadline,
Governors effectively opt out of the Program and render the state ineligible to receive the
private investments that are encouraged by the Program;
City of Miami Page 1 of 2 File ID: 3794 (Revision:) Printed On: 5/29/2018
File ID: 3794
Enactment Number: R-18-0083
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section
Section 2. The City Commission urges Governor Rick Scott to designate the Tracts
identified in Attachment 'A," attached and incorporated, as qualified Opportunity Zones as
described in the Act so that the selected Tracts can participate in the Program and give
favorable capital gains treatment to investments within those Tracts.
Section 3. The City Commission further urges Governor Rick Scott to request a thirty
(30) day extension, if necessary, to respond to the United States Secretary of the Treasury.
Section 4. The City Clerk is directed to transmit a certified copy of this Resolution to
Governor Rick Scott.
Section 5. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.'
APPROVED AS TO FORM AND CORRECTNESS:
1
4ia dez, CiItyAtto i ey 3/7/2018
' If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File ID: 3794 (Revision:) Printed on: 5/29/2018