Opportunity Zones: Fact or Fiction?

There are a lot of myths and misperceptions flying around about Opportunity Zones.  See for yourself, some of the most important details about Ohio Opportunity Zones with Sikora Law’s Fact or Fiction summary below:

Almost $30M of the $50M allocation was awarded after Ohio’s Opportunity Zone Program was effective for only 10 weeks.
That’s true.  Ohio’s Opportunity Zone Program had been effective for only 10 weeks in 2019.  That Program has been extremely successful thus far.

Everyone who applies for Ohio Opportunity Zone Tax Credits receives them.
That’s false.  The Ohio Development Services Agency received nearly $35M in applications for Ohio Opportunity Zone tax credits, and approximately $30M in tax credits were awarded. The main reasons certain applicants did not receive tax credits was generally due to their structure, flow of funds, and/or non-compliant  documentation – they did not do what they needed to do in order to receive the credits.

Some developers received tax credits for work performed or money invested in Opportunity Zones even before Ohio’s Opportunity Zone law became effective.
That’s true. Our firm was advising Clients about what they needed to do to comply with the law even before it became effective. When it became apparent that the Bill was likely to pass, we closely advised our Clients on how to take the necessary steps to ensure compliance with the requirements of the new law.

 

 

 

 

Click here to learn how Sikora Law helps Developers & Owners of Commercial Real Estate streamline their legal needs.

Mike Sikora presents to the Ohio State Bar Association Counsel of Delegates Screening Committee

Mike Sikora presented to the Ohio State Bar Association Council of Delegates Screening Committee on several improvements to Ohio’s Judgment Lien Statute.  The Screening Committee voted unanimously to move forward with the initiative, which now heads to the full OSBA Council of Delegates next month for a vote.

Sikora Law announces new website

Sikora Law is excited to announce the launch of our new Ohio Opportunity Zone website, which summarizes the latest information about Ohio Opportunity Zone law and its interplay with federal Opportunity Zone law and highlights certain projects that we’ve helped utilize those laws.

Mike Sikora quoted in Crain’s Cleveland Business

Sikora Law’s Managing Partner Mike Sikora quoted in Crain’s Cleveland Business article about Ohio’s Opportunity Zone Program.

$30,000,000 Opportunity Zone Tax Credits Issued by the Ohio Development Services Agency in Inaugural Round

Sikora Law’s Clients (40 successful applicants) were awarded approximately 20% of the $30,000,000 Ohio Opportunity Zone tax credits issued for 2019 investments in Ohio Opportunity Zones, a figure that we believe exceeds any firm in the state.

In 2019 Mike worked closely with the Senator who sponsored the Bill that became Ohio’s Opportunity Zone law as well as provided expert testimony on behalf of NAIOP to the Ohio General Assembly in support of the passage of that Bill.  These efforts have resulted in one of the most beneficial Opportunity Zone tax credit programs in the country.

Sikora Law utilized its expertise and unique perspective on this new law to maximize the financial benefits of this fantastic new program for our Clients.  If you are considering an Opportunity Zone investment, or if you have questions about how you can make the most of Ohio’s Opportunity Zone program, contact the Sikora Law Team.

Stephen Slawinski passes the Ohio Bar Examination

Sikora Law LLC is pleased to announce that its newest attorney, Stephen Slawinski, has passed the Ohio Bar Examination and was sworn-in as an Ohio Attorney on May 8, 2020.  Stephen will handle deal syndications and transactional matters for our real estate company Clients from our Downtown Columbus office.

Article by Michael Sikora in Properties Magazine

Check out the article in Properties Magazine written by Mike Sikora regarding Commercial Real Estate and COVID-19.

Our own George Carr interviewed in Court News Ohio

Check out the article in Court News Ohio titled Sound Foundations wherein our very own attorney, George Carr is interviewed.

Breach of Contract Statute of Limitations Might Drop

Ohio House Bill 251 would shorten the statute of limitations for actions upon a contract, and it recently had a second Hearing in the Senate after passing in the House.  Ohio’s statute of limitations for breach of written contracts was significantly reduced from 15 years to 8 years in 2012 – not that long ago, when it comes to legislative action.  House Bill 251 would further reduce to 6 years the statute of limitations for breach of written contracts.  To review the latest version of House Bill 251, click here.

Commercial Evictions and Foreclosures Executive Order signed by Governor DeWine

Executive Order signed today by Governor Mike DeWine requests that lenders provide commercial real estate borrowers with an opportunity for forbearance for a term of at least 90 days and that commercial real estate owners suspend rent payments for at least 90 days for small business tenants that are facing hardship due to COVID-19.