The Opportunity Zone Program is a federal program that provides tax incentives, including temporary deferrals on capital gains taxes when investors reinvest those gains in qualified Opportunity Funds. These funds are in turn invested in communities from designated census tracts (Opportunity Zones).
The city's role in the Opportunity Zone Program is to connect funding with projects, develop an investable pipeline of projects and to leverage these projects to create new opportunities for residents and encourage upward mobility.
West Colonial is a prospering community and is home to the Camping World Stadium, which helps add to the economic vibrancy within the district. The future goal for the businesses directly adjacent to West Colonial Drive have potential for mixed-use and housing development.
Community investment
Current funding opportunities within West Colonial include:
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HUBZone Program - the U.S. Small Business Administration limits competition for contracts to businesses in historically underutilized business zones.
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Urban Job Tax Credit Program (UJTCP) - endorsed by the Florida Legislature to encourage the creation of jobs in urban areas of the state.
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Community Redevelopment Agencies (CRA) - West Colonial is located within the City of Orlando’s Downtown CRA and Orange Blossom Trail CRA boundaries.
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The Orlando Economic Enhancement District Program (OEED) - a Brownfield Designation; utilizing an economic development tool engaging redevelopment of properties by businesses and property owners.
Anchor development
West Colonial has a strong retail automotive presence, the area is adjacent to several auto dealerships and some commercial and industrial uses, such as; the Greyhound Package Express and the HD Supply Facility.
The Camping World Stadium, formerly known as the Tangerine Bowl and the Florida Citrus Bowl, lies within the West Colonial district. The stadium contains Tinker Field, McCracken Field and Lorna Doone Park. The Rock Lake Park Neighborhood Center is another recreational center in which the community can enjoy.