Opportunity Zones are a new community development tool established by Congress in the Tax Cuts and Jobs Act of 2017. This new tool is designed to drive long-term capital to low-income communities. The new law provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds, which are specialized vehicles dedicated to investing in designated low-income areas. There are 176 census tracts in Tennessee that are qualified opportunity zones. These low-income tracts were nominated by Tennessee and certified by the Secretary of the Treasury. Tennessee’s 176 tract recommendations were determined based on a strategic and data-driven review of county mayor feedback in addition to consideration of state priorities and initiatives including: • Business development and brownfield redevelopment opportunities • Retail, commercial and tourism development opportunities • Community and rural development initiatives • Low-income housing development opportunities • Proximity to entrepreneur centers, technology transfer offices, and colleges and universities Come join a regional conversation as we discuss current regulations for zones and funds and best practices for taking advantage of the program, based in part on the successes and failures of past 'zone' initiatives. AGENDA 8:30 a.m. Welcome, Introductions, Sponsor Recognition 8:35 a.m. - 9:15 a.m. (Alex Flachsbart) • What are opportunity zones? • Brief information on Tennessee’s selection strategy • How does the incentive work? • Twinning/pairing with other incentives; other recommendations or comments 9:25 a.m. – 10 a.m. (Alex Flachsbart) • What can we invest in? • Use case scenarios (real estate, startup business, industrial plant, housing, etc) 10:10 a.m. – 11 a.m. (Alex Flachsbart & Planning Team) • Regional and local economic development perspective o How can your community leverage opportunity zones? o What can county mayors/local economic developers be doing to prepare their communities for the benefits? o Explore regional/local working groups to develop quality projects and market to potential investors 11:00 a.m. -12:00 p.m. Open discussion/Q&A WHO SHOULD ATTEND • Attorneys • Accountants • Bank & Credit Unions • Investors • Developers • Other professionals involved in commercial real estate transactions • Entrepreneurs • Financial advisors • Wealth managers • Community partners • City planners • Housing Authorities • Foundations • Elected Officials
Speaker(s): Alex Flachsbart, President & CEO at Opportunity Alabama. Opportunity Alabama (or OPAL) is a first-of-its-kind nonprofit initiative dedicated to connecting investors with investable assets in Alabama’s Opportunity Zones.
Co-Sponsor(s): Appalachian Community Federal Credit Union; State of Tennessee Economic & Community Development; Kingsport Chamber; Bristol Chamber; Johnson City Chamber; NETWORKS Sullivan Partnership; Washington County Economic Development Council, ARC - Appalachian Regional Commission; Northeast Tennessee Regional Economic Partnership, Greene County Partnership Chamber of Commerce, Tennessee Housing Development Agency, First Tennessee Development District; Tennessee Small Business Development Center at East Tennessee State University; Kingsport Office of Small Business Development & Entrepreneurship
The cooperative agreement between KOSBE and East Tennessee State University is partially funded by the U.S. Small Business Administration (SBA). SBA’s funding is not an endorsement of any products, opinions or services. SBA funded programs are extended to the public on a non-discriminatory basis. Additional funding is provided by the Tennessee Board of Regents and the state of Tennessee. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Please contact Aditi Bhave— 423.392.8825; abhave@tsbdc.org; 400 Clinchfield Street, Suite 100, Kingsport, Tennessee 37660.
Fee: No Cost