CITY OF WATERTOWN, NEW YORK

ROOM 302, WATERTOWN CITY HALL

245 WASHINGTON STREET
WATERTOWN, NEW YORK 13601-3380
(315) 785-7740

PRESS RELEASE
For Immediate Release
Contact: City of Watertown Planning Department

OPPORTUNITY ZONE WORKSHOP FOR DEVELOPERS

AND INVESTORS

February 27, 2019

4:00pm
City Council Chambers

In an effort to encourage additional development in the City of Watertown, the City will host a workshop
for developers to learn more about the new federal Opportunity Zones program. The program is aimed at
encouraging long-term, private capital investment in America’s low-income urban and rural
communities with new tax incentives. Much of the downtown area and all of the north side of the City of
Watertown is in designated Opportunity Zones.

By providing strong tax incentives, this new federal program seeks to encourage investors to invest
capital to revitalize struggling neighborhoods and main streets. Investors can make long-term
investments into new Opportunity Funds—which provide the equity for businesses or real estate projects
within these newly designated Opportunity Zones—and receive an immediate tax break as well as
eliminate tax on future capital gains.

The workshop will be an opportunity for developers, investors, property owners, accountants, wealth
advisors, CPAs, tax professionals and anyone else interested to learn more about the program and its
benefits.

The workshop is being presented by Michael N’dolo of Camoin Associates.

For further information or questions, please contact the Planning Department at (315) 785-7740.