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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

  • Prince William County Development Services issues New Structure Policy for Data Centers
    21 Apr 2021 00:55
    Bristow Beat - Virginia People gather outside Iron Mountain in the Brentsville District of Prince William County to celebrate its ribbon cutting. April 5, 2021 – Prince William County, Va  – Prince William County Department of Development Services today issued Building …

  • Koldos named New North vice president of Business Development
    21 Apr 2021 00:55
    Daily Reporter - Wisconsin Barbara Koldos Barbara Koldos will join New North Inc. as vice president of Business Development, President and CEO Barb LaMue has announced. The appointment becomes effective on April 26. In the role, Koldos will lead the organization’s regional site- …

  • Top Logistics Hubs: Delivering The Goods
    21 Apr 2021 00:55
    Business Facilities By the BF Staff From the March/April 2021 Issue The mismatch between demand for global container shipping services and available capacity caused shipping costs to skyrocket in the fourth quarter of 2020, according to S&P Global Platts. As of …

  • Application Window for HPC4EI Spring 2021 Solicitation Now Open
    20 Apr 2021 20:14
    HPCwire April 20, 2021 — The U.S. Department of Energy’s (DOE) High Performance Computing for Energy Innovation Initiative will issue a Spring 2021 solicitation in May 2021, covering the High Performance Computing for Manufacturing (HPC4Mfg) program. HPC4Mfg is …

  • Archaeologists discover homesite owned by Harriet Tubman's father
    20 Apr 2021 17:13
    WBAL TV - Maryland Archaeologists discover homesite owned by Harriet Tubman's father Historic artifacts date back to early to mid 1800s Copy Link Copy {copyShortcut} to copy Link copied! Updated: 11:10 AM EDT Apr 20, 2021 Hide Transcript Show Transcript Good morning. Mhm …

Florida

  • $61 million renovation planned for Union Terminal Warehouse
    19 Apr 2021 11:16
    Financial News and Daily Record Atlanta-based Columbia Ventures LLC is negotiating with the city for $9.2 million in gap funding for its proposed $61 million adaptive reuse of the historic Union Terminal Warehouse near Jacksonville’s Eastside. A statement April 15 by Columbia and …

  • Developers get another five years to take advantage of North Baton Rouge tax break
    15 Apr 2021 14:14
    The Advocate Developers and property owners get another five years of tax incentives should they locate their redevelopment projects in north Baton Rouge following the East Baton Rouge Parish Metro Council's extension of a special taxing district for the community …

  • Union Terminal Warehouse approved for landmark status
    14 Apr 2021 10:24
    Financial News and Daily Record The Jacksonville City Council named the Eastside area’s historic Union Terminal Warehouse at 700 E Union St. a local landmark at the request of the owner East Union Property Owner LLC. Council voted 19-0 on April 13 to approve the landmark designation, …

  • Hawthorne Industry Park Moves A Step Closer To Boosting City’s Economy, Workforce
    12 Apr 2021 19:20
    WUFT The Hawthorne Industry Park, annexed by the city in 2015, is a 634-acre plot of land off U.S. Highway 301 and State Road 20, that city officials hope will bring much-needed jobs to the area. Born and raised in Hawthorne and mayor since 2011, Mayor Matthew …

  • Controversial New Markets Tax Credit Proposed In Tennessee - Across Tennessee, TN Patch
    12 Apr 2021 19:01
    Tennessee State News.Net The Tennessee legislature is now considering its own version of the program, calling it the "New Markets Development Act." Variations of the program have been implemented in several states and they are modeled after a similarly-named federal …

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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