Erie Business Law - March 2020

www.ErieBusinessLaw.com 814-315-9255

MARCH 2020

The Optimistic Growth of Erie Incredible Opportunities Are Opening Up for Our Entrepreneurs

see how best to use the program themselves and get the most out of their investments. In short, we are approaching OZ better than anyone else in the country. This became especially apparent during the Erie Homecoming Event that took place last August. National business and political leaders flocked to Erie for this event to learn more about our town. The speakers, from all over the country, talked about how Erie is doing this better than anywhere else. They talked to our local entrepreneurs wanting to find the structure that they could begin to build from. It was incredibly humbling to see so many people valuing our community, taking note of its growth, and becoming inspired by it. The optimism that swelled in Erie from that event has continued. I’ve noticed people growing excited about the possibility that their dreams of investing and running a business are not just a dream, but a reality. The Erie Downtown Development Corporation (EDDC) is a huge part of helping and supporting the community in realizing those dreams. Their mission is to transform downtown Erie to a place where professionals can live, work, and have fun. By acquiring property, the EDDC is transforming our town by driving economic growth and encouraging

March is National OptimismMonth, giving everyone a chance to reflect on what they’re feeling optimistic about. For me, I can’t think of anything I’mmore optimistic about than Erie. Erie is a source of change, development, and growth. Over the past few years, I’ve seen our town grow tremendously, and it makes me incredibly proud of the community and the people who live here. All of us are striving to make Erie the best place it can be, and I’ve seen us succeed again and again. I am excited for what our future will bring as we continue to work hard and work together. Many of these changes are due to certain programs and groups that give entrepreneurs the opportunities they need to grow and thrive. The Opportunity Zone (OZ) tax incentive is one such program. OZ’s are a transformative tax program that started with the 2017 Tax Cuts and Jobs Act, and they have since encouraged long-term investments in cities across the nation. In Erie, we have utilized OZ’s extremely well, and these zones have encouraged economic development, which will increase the number of jobs in our town. In fact, Erie has been on the cutting edge of OZ development so much so that other communities in the U.S. are turning to us to

our entrepreneurs. I am optimistic about the opportunities that EDDC will create for us.

Young Erie Professionals has also completely transformed itself in the past few years. I have participated in this group for many years, and I have never seen so much optimism, opportunity, and excitement among the young professionals of Erie. As a business law firm, my team and I are delighted to see these changes. People are take more risks, and we’re starting to see really cool businesses take root in our town. More creative entrepreneurs and incredible ideas are coming through our doors than in our entire firm’s history. All of us at Erie Business Law are incredibly optimistic about our town. We’re eager to see where we can go from here and do our part in helping our entrepreneurs achieve their goals. Perhaps we should rename Opportunity Zones and call them “Optimism Zones.”

“I am excited for what our future will bring as we continue to work hard.”

—Adam Williams

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