JANUARY 7, 2019 VOL. 55, No. 1
westfaironline.com
A view of Main Street in downtown Danbury, one of Fairfield County’s Opportunity Zones. Photo by Renato Ghio. Right: The three-story, 30,000-squarefoot building at 59 Broad St. in Stamford, located within one of that city’s five Opportunity Zones. President Donald Trump signing the executive order to establish the White House Opportunity and Revitalization Council on Dec. 12. Photo courtesy The White House.
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STAMFORD 2030
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SOLID HOLIDAY SALES
Trump’s Opportunity Zones Effects of shutdown land at Westchester Airport promise greeted with tempered enthusiasm BY PETER KATZ
BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com
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pportunity, so they say, knocks — and when it comes to Fairfield County’s 17 designated Opportunity Zones, the federal government may soon be knocking with more money. On Dec. 12, President Donald Trump signed an executive order to establish the White House Opportunity and
Revitalization Council to improve revitalization efforts by streamlining, coordinating and targeting existing federal programs to Opportunity Zones. “Fifty-two million Americans live in economically distressed communities,” according to the executive order. “Despite the growing national economy, these communities are plagued by high poverty levels, failing schools and a scarcity of jobs.” The program provides
a federal tax incentive for investors to reinvest unrealized capital gains into Opportunity Zones through Opportunity Funds. Under the terms of the program, the governor of each state was required to submit a plan to the federal government designating up to 25 percent of the qualified census tracts in their state as Opportunity Zones, subject to the approval of the Secretary of the Treasury. In May, Gov. Dannel Malloy announced that all 72 OZs he had nominated in 27 municipalities had received approval. Those include seven in Bridgeport, five in Stamford, three in Norwalk and one each in Danbury and Stratford. “Promoting econom» ZONES
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pkatz@westfairinc.com AS THE FEDERAL GOVERNMENT shutdown entered its 13th day on Jan. 3, impacts were starting to be felt within the Federal Aviation Administration’s air traffic control tower at Westchester County Airport, the Business Journal learned. This included uncertainty over whether an important piece of safety equipment used to help guide pilots for landings in the worst weather could be put back into service by the intended date of Jan. 11. There also was uncertainty whether new trainee controllers would be able to join the control tower staff as scheduled on Jan. 7. Airline passengers, as well as operators of business jets and other gener-
al aviation aircraft using the airport, continued to see no outward effects of the shutdown. However, a continuously repeating radio message was beamed to pilots from the control tower, alerting them that Westchester’s instrument landing system runway alignment indicator lights for Runway 16 were out of service. This lighting system helps pilots approaching the airport from the north » AIRPORT
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