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The tax rules, known as Opportunity Zones, were part of the 2017 tax bill Congress passed and allow investors to put capital gains into designated areas with lower incomes. Investors who hold their money there for a decade can be eligible for big breaks on capital gains taxes.

Carson said the rules, which investors have just started to use, give them the incentive to make sure their properties are maintained and successful long term.

“If you’re putting your money in there, any reasonable investor wants a good return on their investment,” he said.

Carson toured the North Sarah Apartments in the Vandeventer neighborhood, a mixed-income housing project developed by McCormack Baron Salazar. He was joined by Missouri Gov. Mike Parson, ӣ����Ƶ Mayor Lyda Krewson, U.S. Rep. William Lacy Clay and Missouri state Sen. Brian Williams.

Carson also toured the City Foundry in Midtown, a $210 million redevelopment of the former Federal Mogul foundry site. ӣ����Ƶ Development Corp. Director Otis Williams said City Foundry developer Steve Smith of the Lawrence Group had raised several million dollars in an Opportunity Zone fund to help finance the project.

Other projects in the Midtown area have also announced Opportunity Zone investments recently. This week, Midas Hospitality announced it had raised $35 million in an Opportunity Zone fund from ӣ����Ƶ investors to help finance two hotel projects it is building: a 129-room Aloft Hotel in the Cortex tech district and a 152-room Element hotel on Forest Park Parkway across from City Foundry.

“The success and excitement building in and around the Cortex (district), as well as the need for these attractive hotels in that area, were a huge draw for our prestigious list of investors,” said J.T. Norville, co-founder of Maryland Heights-based Midas Hospitality. “The significant tax benefits afforded by the recent legislation changes have been the icing on the cake, and we couldn’t be prouder that ӣ����Ƶ is realizing the advantages of this new opportunity.”

Opportunity Zone investments are starting to come in around the country even though the regulations have not been finalized.

ӣ����Ƶ, though, is gearing up to try and attract more capital with the tax benefits of Opportunity Zones. Williams said local planning firm Development Strategies is producing marketing materials and information to provide to prospective Opportunity Zone fund investors on behalf of the city.

Carson said the final rules should be finished in about six weeks. “A lot of investment has already come in around the country.”