Business

The “Tax Cuts and Jobs Act” Creates Opportunity Zones to Spur Economic Development

NNPA NEWSWIRE — Opportunity Zones have the potential to address many of the country’s most vexing economic problems, notes Tami Bonnell, CEO of EXIT Realty International. “One in six Americans lives in an economically distressed community,” said Bonnell. “There is something wrong with the way we’re operating when we have that much poverty in the United States.”

Published

8 years ago

February 19, 2019

Oakland Post

By Christopher G. Cox, publisher and managing editor, www.realesavvy.com

A relatively small component of the federal Tax Cuts and Jobs Act, passed in December of 2017, was the creation of Opportunity Zones in every state in the U.S., as well as in the District of Columbia and five U.S. territories.

The purpose of this legislation is to encourage investment in economically distressed communities by making it possible for investors to receive preferential tax treatment for investments made in businesses operating within these Zones.

Tami Bonnell, CEO of EXIT Realty International, explains that individuals who invest in Opportunity Zones are eligible to reduce taxes on capital gains, depending on how long the investment is held. “If the investment is held for 10 years,” she said, “there are zero capital gains taxes on the increase in the investment. It’s a great thing when you can get a return on your investment and invest in people at the same time.”

At a time when bipartisan agreements are rare and becoming rarer, Bonnell points out that the Investing in Opportunities Act was initially supported by Republican Senator Tim Scott of South Carolina and Representative Pat Tiberi of Ohio and Democrats Senator Cory Booker of New Jersey and Representative Ron Kind of Wisconsin.

Opportunity Zones have the potential to address many of the country’s most vexing economic problems, Bonnell notes. “One in six Americans lives in an economically distressed community,” said Bonnell. “There is something wrong with the way we’re operating when we have that much poverty in the United States.”

Bonnell cautions that the goals related to Opportunity Zones need to be closely monitored to ensure that both investors and communities benefit. “We don’t want to impose gentrification where people in poverty zones end up with fewer options in smaller and smaller communities,” she said.

Marc Morial, president of the National Urban League, agrees with Bonnell that this legislation has great potential to reinvigorate urban communities, but must be carefully implemented with important “guard rails to ensure that it does not become a tool for removal and gentrification.”

“I think what is required,” said Morial, “is for community leaders – mayors, city council members, county commissioners and other local leaders – to legislate conditions that require affordable housing to be an integral component of new projects.”

Morial also wants Opportunity Zone projects to require that minority and women-owned businesses have a chance to participate in construction and that local residents have access to jobs within the Zones.

In addition, Morial adds, community leaders — who clearly want these investments — should not wait for Congress to act but should take the initiative to make certain these protections are in place before projects get under way. “When I look at Opportunity Zones,” Morial notes, “I see green lights and yellow lights. The yellow lights say caution.”

Moving forward, Bonnell sees one of the biggest challenges associated with Opportunity Zones as making investors aware of them and how they work. Noting that she travels the country giving dozens of speeches every year, Bonnell often asks audience members to raise their hands if they’re aware of Opportunity Zones.

“Typically, less than half the audience raise their hands – sometimes it’s just a handful of individuals,” she said. “This is a big opportunity that people are not embracing because they’re not aware of it.”

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Black History

NABJ Convention Brings Black Journalists, Civic Leaders Together in Atlanta

Among the conference’s most closely watched sessions was Thursday’s Newsmaker Plenary, where House Democratic Leader Hakeem Jeffries discussed the national political climate with NABJ President Errin Haines. Journalist Joy-Ann Reid later led a fireside conversation with legal scholar Kimberlé Crenshaw, creator of the term “intersectionality,” and Pulitzer Prize-winning journalist Nikole Hannah-Jones, author of the 1619 Project.

Published

1 day ago

August 20, 2026

bpusa-syndication

Civil Rights Attorney Ben Crump (left), House Majority Leader Hakeem Jeffries (middle), Rev. Al Sharpton (right) stand at the NABJ conference in Atlanta on Aug. 13 with Elmore and Christine Wonsley, the parents of Nolan Wells, a Black 18-year-old who died July 4th weekend in Mississippi

By Brandon Patterson

ATLANTA—The 52nd National Association of Black Journalists conference brought thousands of journalists, students, media executives and civic leaders to Atlanta Aug. 12-16 for its 2026 Convention and Career Fair, a five-day gathering centered on the theme “Our Revolution: Truth, Power and Black Journalism.”

The plenary also turned toward grief, accountability and justice as the parents of 18-year-old Nolan Wells, Christine Wells-Wonsley and Elmore Wonsley, appeared with civil rights attorney Ben Crump and the Rev. Al Sharpton. Crump was also the attorney for Trayvon Martin’s, Michael Brown’s, and Tamir Rice’s families. Moderated by journalist Tiffany Cross, the Wells family’s appearance focused on unanswered questions surrounding Nolan’s July death in Mississippi and calls for a federal review.

Reid and journalist Don Lemon also joined a separate discussion with Cross, columnist Michael Harriot and journalist Chandra Whitfield about career disruption, resilience and building independent platforms as Black journalists face layoffs and wider media industry upheaval.

Across generations, attendees exchanged ideas about sustaining careers and serving Black communities.

The gathering reflected NABJ’s long-standing role as both professional home and public forum for Black journalists. For Black-owned legacy newspapers, including ours, the Atlanta convention reinforced a familiar mandate: defend truth, elevate Black voices and connect national debates over politics, justice and media power to the communities most affected.

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Black History

$5 Billion Coliseum Vision Puts Oakland Jobs, Businesses at Center

Reynolds said Black and Brown contractors have historically lacked the bonding, insurance, equipment and staffing required to compete for large contracts because they were denied opportunities to expand.

Published

1 day ago

August 19, 2026

bpusa-syndication

At SpringHill Suites by Marriott Oakland Airport, AASEG President Ray Bobbitt with Loop Capital Vice President Al Dinwiddie, OAACC President Cathy Adams, and Loop Capital President James “Jim” Reynolds, Jr. Photo by Carla Thomas.

By Carla Thomas

OAKLAND – A sweeping, multiphase redevelopment of the Oakland Coliseum site led by Ray Bobbitt, president of the African American Sports and Entertainment Group (AASEG), and businessman James “Jim” Reynolds Jr., could eventually attract between $3 billion and $5 billion in investment.

Reynolds said the first phase, estimated at $1 billion to $1.5 billion, could include housing, hotels, restaurants, entertainment venues, open space and opportunities for local small businesses.

“We are going to transform the entire area with housing, hotels, with an infrastructure that benefits the community,” Reynolds said.

He also wants to attract major entertainment partners and position Oakland to compete with venues in San Francisco and San Jose. Reynolds said the city already possesses natural assets that other cities spend fortunes trying to create.

“One of the most naturally beautiful cities I’ve ever been to,” he said. “In Oakland, if you do nothing, it’s beautiful naturally: lakes, the mountains, the scenery, the open space, the weather.”

Reynolds’ vision, however, extends beyond buildings and entertainment. He is also focused on which businesses receive contracts and which residents benefit from the jobs and economic opportunities the project creates.

“Why would you build a big business when you know no one was going to hire you to do the job?” Reynolds asked.

He recalled working with longtime business partner Earvin “Magic” Johnson to encourage minority-owned firms to compete for larger contracts. About 1,000 businesses attended one outreach event after receiving assurances that opportunities to serve as prime contractors were real.

Reynolds wants to bring the same approach to Oakland.

“I don’t need goals and set-asides to figure out how to give Black companies a chance to be a prime,” he said.

He also wants Black businesses to move beyond seeking only small portions of projects or subcontracting roles.

At SpringHill Suites by Marriott Oakland Airport, Post News Group Publisher Paul Cobb, OAACC President Cathy Adams, and Loop Capital President James "Jim" Reynolds, Jr. Photo by Carla Thomas. — At SpringHill Suites by Marriott Oakland Airport, Post News Group Publisher Paul Cobb, OAACC President Cathy Adams, and Loop Capital President James “Jim” Reynolds, Jr. Photo by Carla Thomas.

“When we run the concessions, we pick who has a concession,” Reynolds said, citing partnerships involving Johnson, LL Cool J and Stephen A. Smith.

The same principle should apply to construction, entrepreneurship and workforce development, he said.

“Job training and opportunities to have Blacks lead something like this matter,” Reynolds said.

Reynolds also wants young Oakland residents connected to the jobs and career pathways created by the redevelopment.

“They’re going to have jobs, job training, and opportunities to work,” Reynolds said.

He rejects assumptions that Black youth and Black-owned companies cannot manage major responsibilities.

“I’m not going to sit here like others who have been in positions like this and doubt that Black people can do certain things,” Reynolds said.

For Reynolds and Bobbitt, the Coliseum redevelopment is an opportunity to create more than a replacement for the professional sports teams Oakland lost. Bobbitt contributes deep Oakland roots, community relationships and years of persistence, while Reynolds brings capital-market experience, global business relationships and a record of structuring enormous transactions.

Together, they envision a destination that attracts visitors while creating jobs, businesses and ownership opportunities for Oakland residents.

“Thank you, Jim, for believing in Oakland and investing,” Bobbitt said.

CEO of the Oakland African American Chamber of Commerce Cathy Adams, who wrote a letter of support for AASEG at a time when many doubted the feasibility of their goals, said the Coliseum area development plan will become the example of how Black-owned businesses and contractors can help close the disparity gap in Oakland.

Next week, Part 2: Len Turner and local business owners can benefit.