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Up to $49,000 available for winning firm. San Antonio, TX – The Westside Development Corporation (WDC) has released a request for proposal in conjunction with the City of San Antonio’s Economic Development Department (EDD) to develop a strategic plan for the Near Westside San Antonio Opportunity Zones: census tracts 1701.02, 1106 and 1105 (see map attached). The goal of the plan is to attract Opportunity Zone investment to the West Side of San Antonio, a historically low-income area. The plan will provide a guide that aligns community priorities, is sensitive to the existing cultural and historical assets, and mitigates the negative effects of displacement.
Firms with knowledge of investment banking, real estate planning, and governmental economic development planning efforts are encouraged to apply. Proposals should touch on real estate investment, economic analysis, master planning, bilingual community outreach (English and Spanish), development projects, and businesses seeking investment. The successful respondent must coordinate with private and public agencies and with entities that may be involved in other initiatives, master plans, development, redevelopment, and/or projects in the area, and will need to incorporate these initiatives into the Strategic Plan. The deadline to submit proposals is January 25, 2019, 4:00 PM CST. Proposals can be submitted via email to WDC at hilda@prosperwestsa.org.
“Our goal is to identify investment opportunities that turn back the area’s decades of disinvestment and loss of population. We want to attract investors who not only seek tax relief and patient capital gains but are also willing to become partners in eliminating the economic segregation in our city,” said Shirley Gonzales, District 5 Councilwoman.
Opportunity Zones (OZ), are a new community development tool established under the Tax Cuts & Jobs Act of 2017 meant to encourage long-term investment in distressed communities. The program encourages long-term investment of previously unrealized capital gains in designated zones in exchange for deferment and reduction of capital gains taxes. Investments must be made through an Opportunity Fund (O-Fund), the investment vehicle that enables the tax benefits of the program.
“We believe that opportunity zones have the potential to change the face of the near Westside. We want our communities and business owners to benefit from the impact of these investments. Our hope is that the Near West Strategic Plan will serve as a tool for investors to maximize their positive impact in a community and add to the rich heritage and legacy already in existence.” said Leonard B. Rodriguez, CEO/President of the Westside Development Corporation. For more information please call 210-501-0192 or email info@WestsideDevCorp.com
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