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Trump Tax Break Aims to Turn Distressed Areas Into ‘Opportunity Zones’
David Dragoo’s two companies own 164 acres of former farmland along the Uncompahgre River near downtown Montrose, Colorado. He’s planning to redevelop the area by adding a hotel, apartments, space for outdoor recreation businesses and a path along the river. It’s an unusually ambitious project for a sleepy town of about 20,000, known mostly for an airport where the glitterati disembarks on their way to Telluride. And the project is attracting an unusual amount of attention because it’s in a federally approved “opportunity zone” where investors can get a tax break for spending money on certain businesses and property. “There are now investors reaching out to us from all around the East Coast,” Dragoo said. He’s heard from businesses looking to relocate and developers aiming to build apartments. “There are groups that are looking at it and saying, ‘We just want to buy the whole thing.’”
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