Designated an 'Opportunity Zone,' Lac du Flambeau hosting seminar to highlight benefits of capital gains deferralsSubmitted: 02/19/2019
Lane Kimble
Lane Kimble
News Director

Designated an 'Opportunity Zone,' Lac du Flambeau hosting seminar to highlight benefits of capital gains deferrals
LAC DU FLAMBEAU - A business development agency in the Northwoods pictures new homes, apartments, and jobs coming to Lac du Flambeau in the next decade.  Building those and making them a reality may get a boost from a new tax deferral process.

Lac du Flambeau has been identified as an "Opportunity Zone."  Essentially, it allows investors to avoid paying taxes on capital gains through things like profits made through trading stocks.

The LDF Business Development Corporation wants to see those investors put that money into projects that would benefit the area. Those investments can be made tax-free for up to 10 years if the projects help an Opportunity Zone.

There is further benefit, in that capital gains liability decreases each year the investor stays with the project.

"Maybe they don't live here, but they vacationed here and they want to make a difference," LDF Business Development Corporation COO Randy Soulier said. "They want to take advantage of what they can. It becomes a win-win overall. You know, investor and the area."

Lac du Flambeau is one of 120 "Opportunity Zones" in Wisconsin.

Soulier thinks the investors can provide capital for projects like housing and workforce development that benefit LDF and beyond. He hopes to make Lac du Flambea a destination people want to both vacation and work in.

"Trades or upgrading technology know-how," Soulier said. "I would really like to see the area become more self-(sufficient) on its own."

The LDF BDC will co-host an informational seminar on Thursday, Feb. 21 at the Lake of the Torches Conference Center from 8 a.m. to 1 p.m. Registration is free, but required. The Vilas and Oneida county economic development corporations, Grow North, and WHEDA are also presenting the event.

For more information or to sign up, email cindy@ldfbdc.com or call 715-388-0502.

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