Taft will partner with mHUB, a leading hardtech and manufacturing innovation center in Chicago, to provide technical assistance and develop resources for startups interested in qualifying and growing as designated Opportunity Zone (OZ) businesses. Starting in October, all mHUB startup and business members become immediately eligible for OZ business recognition and to access capital through Qualified Opportunity Zone Funds. Taft partner Kostas Poulakidas will lead the initiative and serve as the Expert-In-Residence to help guide startups interested in accessing Opportunity Zone for themselves and their investors.
Opportunity Zones are a special economic development program that provides federal tax incentives for investors who invest in businesses located within low-income communities. Businesses that qualify as OZ businesses will have access to capital that will, in turn, drive job creation and build wealth in local, historically underinvested communities.
Poulakidas is co-chair of Taft’s Public Finance and Economic Development practice and focuses on public/municipal finance, economic development incentives and strategies, tax increment financing (TIF), private equity and venture capital, forming Qualified Opportunity Zone Funds for private equity investment, private-public partnerships (P3s) and project finance. Poulakidas has been recognized by Opportunity Zone magazine as one of the Top 25 “Opportunity Zone Attorneys.” He is frequently invited to present at seminars and programs devoted to Opportunity Zones.