Category: Investment News

Opportunity zone task force named; 20 people are selected by Little Rock mayor

by Rachel Herzog | August 10, 2019 at 2:26 a.m.

ArkansasOnline.com

Little Rock Mayor Frank Scott Jr. has named 20 people to serve on a task force that will work on helping the city to leverage its opportunity zones.

The team of developers, bankers and civic leaders will study how the city can attract investors to the federally designated economically distressed census tracts in Little Rock where new investments can be eligible for preferential tax treatment, a federal initiative that came with the Tax Cuts and Jobs Act of 2017.

Arkansas Opportunity Zone Selection (2018.4.20 update)

At a panel discussion that hosted officials from Washington, D.C., on Monday, Scott said encouraging investment in opportunity zones is one way to revitalize disadvantaged areas.

The task force will be chaired by Will Rockefeller of the Winrock Group. Martie North Hamilton, director of community development at Simmons Bank, will serve as a co-chair, according to a news release from the city.

The committee also includes:

• Regina Favors, interim president of Arkansas Baptist College

• Lisa Ferrell, developer

• Merritt Dake, CEO of Rock Dental Brands

• Virgil Miller, banker at Arvest Bank

• Angel Burt, vice president of the Dunbar Historic Neighborhood Association

• Kevin Huchingson, CEO of Colliers International, Arkansas office

• Shawn Govind, director of real estate development for the Pinnacle Hotel Group

• Leslie Lane, president of Arkansas Capital Corporation Group

• Ivan Hudson, insurance agent

• Tristan Wilkerson, managing principal at Think Rubix LLC

Lee Hastings IV, agent with Flake and Kelley Commercial

• Chris Moses, developer

• Jill Floyd, member of the Little Rock Municipal Airport Commission

• Richard Mays, lawyer

• Nathan Rutledge, senior management director of Crews & Associates

• Ted Dickey, investment fund founder

• Patrick Schueck, vice president of Lexicon Inc.

• Pam Courtney, developer

Opportunity zones offer investment opportunity

Opportunity zone map

AEDC Map of Nominated Opportunity Zones

 

In April of 2018, Gov. Asa Hutchinson nominated 85 Opportunity Zones in Arkansas (the maximum eligible tracts) to the US Department of the Treasury. All 85 tracts were designated Qualified Opportunity Zones (QOZs) in December 2018. This designation provides tax incentives for private investment in low-income communities nationwide. An article published by The Counselors of Real Estate (CRE), The Counselor magazine, describes some of those incentives in more detail.

The Arkansas Democrat-Gazette reported new rules from the administration were released Wednesday stating investors will have several ways to qualify for tax breaks.

“We’re delighted to have the opportunity zone designations in Arkansas and are confident they will make a difference in reinvestment in these areas of the state,” said Hank Kelley, CEO.

If you are interested to know whether your property is part of an opportunity zone or would like to learn more about investing in an opportunity zone in Arkansas, contact Hank Kelley today.