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BECKER: THE OPPORTUNITY ZONE EXPERTS

Becker is in a unique position to advise on Opportunity Zone investment, and the related issues that may arise in conjunction with participation in the program.

Becker offers an A to Z suite of practice areas necessary to help you understand and implement your strategies for participation in the Qualified Opportunity Zone program whether you are a public entity, developer, or investor. We understand that operating in this space requires a cross-practice, multifaceted approach to navigating the policy, logistical, legal, and regulatory hurdles that may arise. Our multi-disciplined team of government policy, real estate, construction, public-private partnership (P3), corporate, and estate planning professionals collaborate to advise and provide full-service guidance to educate clients about the program, evaluate whether the program is consistent with client goals, address legal and regulatory hurdles, and help execute engagement in the program.

ABOUT OPPORTUNITY ZONES

The program provides a tax incentive for investors to re-invest their unrealized capital gains into so-called “Opportunity Funds” that are dedicated to investing into state-designated Opportunity Zones. The sites are chosen by the state and then approved by the Federal government.

8,761 communities in all 50 states, D.C. and five U.S. territories have been designated as Opportunity Zones, including 427 Opportunity Zone sites in Florida alone. These communities present both the need for investment and significant investment opportunities:

  • Average poverty rates of 32 percent compared with a U.S. average rate of 17 percent.
  • Unemployment rates 1.6 times higher than the average U.S. census tract.
  • Median family income on average 37 percent below the state median.

Under the program, individuals and other entities can delay paying federal income tax on capital gains until as late as December 31, 2026 if those gains are invested in “Opportunity Funds” that invest at least 90% of their assets in businesses or tangible property located in low-income areas designated as Opportunity Zones. The tax benefits could reduce the cost of capital for these projects, making them more viable, especially when paired with other development incentives like the New Markets Tax Credit. Congress intended that the OZ program operate with minimal restrictions in order to maximize investor participation and thus economic activity and job creation.

Investors who invest the amount of prior capital gains in these designated Opportunity Zones benefit in two ways.

  1. The program provides a tax incentive for investors to re-invest their unrealized capital gains into so-called “Opportunity Funds” that are dedicated to investing into state-designated Opportunity Zones. The sites are chosen by the state and then approved by the Federal government.
  2. 8,761 communities in all 50 states, D.C. and five U.S. territories have been designated as Opportunity Zones, including 427 Opportunity Zone sites in Florida alone. These communities present both the need for investment and significant investment opportunities.

ECONOMIC BENEFITS

Developing Communities

Opportunity Zones represent more than a simple tax break – they are a powerful vehicle for bringing economic growth to communities that need it most, but have not had the investment historically to independently create jobs, build environments to incentivize business relocation, or increase the quality of life for their residents. Opportunity Zones can help create momentum in communities that need a boost in their economic recovery efforts, representing a vital new funding opportunity for cities and counties throughout the country.

The Becker QOZ Team provides a full spectrum of cross-practice services to help fund sponsors, cities/counties, developers, innovators, and investors understand and implement this new program in order to unlock its full investment potential.

Who Should Participate in the OZ Program?

This program will have numerous stakeholders representing an equal number of perspectives, including:

  • Cities, Counties and Community Redevelopment Associations
  • Fund sponsors
  • Real estate developers
  • Public/Private Colleges and Universities
  • Innovators and Tech Startups
  • Family Offices, Institutional and Private Investors

ADDITIONAL RESOURCES

Treasury Regulations

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Opportunity Zone Summary

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Proposed Opportunity Zone Regulations

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IN THE NEWS

National

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    The Leaven - Kansas Joseph F. Naumann is Archbishop of the Archdiocese of Kansas City in Kansas. by Archbishop Joseph F. Naumann A friend of mine in St. Louis, who is pastor .of a very large, vibrant parish, shared that he was weary from receiving complaints this past fall …

  • ORR Intros Outdoor Recreation Economic Development Toolkit
    23 Jan 2021 02:38
    RV Business Outdoor Recreation Roundtable (ORR), working with Oregon State University’s Outdoor Recreation Economy Initiative and the National Governors Association Outdoor Recreation Learning Network, is helping rural communities build their outdoor recreation …

  • Independent Bank Corp. Reports Fourth Quarter Net Income of $34.6 Million
    21 Jan 2021 23:02
    Tradingcharts.com ROCKLAND, Mass., January 21, 2021 (BUSINESS WIRE) -- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2020 fourth quarter net income of $34.6 million, or $1.05 per diluted share, compared to net …

  • US grant boosts 'new downtown' plan in northeast Nevada city
    21 Jan 2021 21:20
    The Washington Times WEST WENDOVER, Nev. (AP) - A federal grant is giving the northeast Nevada city of West Wendover a boost toward building a ground-up downtown that it never had before. The $1.75 million allocation from the U.S. Department of Commerce’s Economic Development …

  • Farmland Partners Launches Strategic Partnership Targeting Farmland Investments in Qualified Opportunity Zones
    21 Jan 2021 17:41
    GuruFocus.com DENVER, Jan. 21, 2021 /PRNewswire/ -- Farmland Partners Inc. (NYSE: FPI) (the "Company" or "FPI") announced today that its previously disclosed negotiations relating to an opportunity zone fund have resulted in the signing of a …

Florida

  • Farmland Partners Launches Strategic Partnership Targeting Farmland Investments in Qualified Opportunity Zones
    21 Jan 2021 17:41
    GuruFocus.com DENVER, Jan. 21, 2021 /PRNewswire/ -- Farmland Partners Inc. (NYSE: FPI) (the "Company" or "FPI") announced today that its previously disclosed negotiations relating to an opportunity zone fund have resulted in the signing of a …

  • Who’s the Hatemonger?
    19 Jan 2021 23:37
    Power Line Character assassination is the Left’s weapon of choice; these days, indeed, its only weapon. Recently, David Horowitz has been viciously defamed by an alleged journalist named Jean Guerrero. As is so often the case, Guerrero’s lies about David are mostly a …

  • Several Trump Accomplishments Likely to Remain Intact Under Biden
    19 Jan 2021 16:02
    Breitbart Despite President-elect Joe Biden’s intention to create a clean break from the Trump era, several of the current administration’s major accomplishments are likely to remain intact for the foreseeable future. Biden, who is set to be inaugurated later this …

  • Fpl assistance for small businesses
    18 Jan 2021 20:22
    Miami's Community Newspapers - Florida Regulators approve FPL Main Street Recovery Credit Program to provide relief for small businesses in 2021. FPL continues to offer a range of relief options for all customers struggling with their electric bills due to COVID-19, including direct credits, …

  • Logistics: Building A Resilient Supply Chain
    07 Jan 2021 15:01
    Business Facilities By the BF Staff From the November/December 2020 Issue As the coronavirus disrupted global supply chains earlier this year, manufacturing executives were forced to embrace a new paradigm for their logistics priorities; their focus shifted from …

FORT LAUDERDALE

In Fort Lauderdale, The Opportunity Zone
Capital Is Ready To Move

November 7, 2018

View Article
Becker shareholder chair Philip C. Rosen speaking at a Bisnow event.

BECKER’S UNIQUE CAPABILITIES

Government Law and Lobbying

Our Government Law and Lobbying practice educates entities on the development of investable projects; advises on regulatory considerations related to organizing and operating Opportunity Funds; advises public clients on complimentary funding mechanisms; hosts presentations and speaking engagements on the QOZ program as the program continues implementation; and, continues to follow regulatory and statutory progress providing advocacy as needed.

Real Estate

Real Estate Law has been a core practice for Becker since its founding in 1973. Our clients include national developers, business and property owners, and financial institutions. The firm’s Real Estate attorneys have helped shape the local landscape through representation of developers of multi-family and single-family residential communities; business and property owners; and financial institutions. They have represented clients in the successful acquisition, financing, development and sale of all types of unimproved land and improved properties for residential and commercial use, including large land assemblages, major office buildings and office parks, shopping malls and centers, luxury hotels and resorts, condominiums and multi-family housing projects.

Construction Law and Litigation

With one of the largest, dedicated teams of Board Certified Construction attorneys, Becker’s Construction Law Practice Group is well-known nationally for its knowledge of the construction industry and experience effectively protecting the interests of its clients. Our construction attorneys represent clients in both transactions and disputes ranging from single- and multi-family dwellings to large commercial buildings, planned unit developments, multi-use retail, industrial and governmental projects.

Public, Private Partnership (P3)

As QOZs are designated based on community statistics, many zones are densely residential areas, where large-scale development may prove difficult. While 90% of Opportunity Zone funds must be invested inside the QOZ, remaining investment for joint projects may extend outside of those boundaries, where additional investment may be needed to complete multi-phase projects. Becker’s Public, Private Partnership (P3) team has proven public and private sector knowledge, experience and contacts to assist governmental entities and private businesses and entities seeking to partner on public facilities projects.

Corporate Law

Becker’s Corporate Practice Group takes pride in quarterbacking our clients’ transactions and focuses on closing. We consider your success, our success. Among other areas, our New York, Florida, and New Jersey-based team handles Asset Protection, Wealth & Business Preservation; Broker-Dealers & Investment Advising; Private Funds; Intellectual Property; Capital Markets; Private Equity; Corporate Tax Transactions and Planning; and, Tax Controversies.

CONTACT US

Opportunity Zones are an important stepping stone to wealth creation in low-income communities and opportunity for businesses and investors to bring jobs and development into these neighborhoods. Your Becker & Poliakoff team is immediately ready to partner with you in this fast-moving opportunity.

Government Law and Lobbying

FEDERAL

CW-Bio-Magenta

Clarence Williams

Senior Government Relations Consultant

202.621.7122

CWILLIAMS@beckerlawyers.com

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STATE (Florida)

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LOCAL (Florida)

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Nicholas G. Matthews

Senior Government Relations Consultant

954.985.4135

NMATTHEWS@beckerlawyers.com

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Construction
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AaronPruss-magenta
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Public, Private Partnerships (P3)
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Jennifer Bales Drake

Shareholder

954.985.4113

JDRAKE@beckerlawyers.com

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Real Estate
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JBD-Bio-Magenta

Jennifer Bales Drake

Shareholder

954.985.4113

JDRAKE@beckerlawyers.com

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Corporate
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Robert C. Brighton, Jr.

Shareholder

954.987.7550

RBRIGHTON@beckerlawyers.com

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