Carson City-based qualified opportunity zone fund GRASS (Growth Resources, Assets, Safety, & Stability) announced last month its subsidiary, SAMSARG Inc., secured $5.04 million in financing to build its first hangar at Silver Springs Regional Airport.
According to a Sept. 8 press release from GRASS, the “state-of-the-art” aircraft hangar in Silver Springs and all future hangars planned by SAMSARG Inc. will be located within opportunity zones, which offer tax deferrals on capital gains taxes.
The aircraft parts, manufacturing, and maintenance company is involved in new construction of hangars at Silver Springs to attract government, corporate and private clients, according to GRASS, with a particular focus on providing Tahoe Reno Industrial Center businesses with travel and logistics support at the small Lyon County airport, rather than relying on Reno-Tahoe International Airport.
GRASS plans to develop the airfield located 3 miles south of Fernley by “improving the existing airport, creating state-of-the-art aircraft hangars and develop one of the first drone centers in Lyon County.”
GRASS launched its Reg A+ funding round on June 15. The fund offers multiple tax benefits to investors because it is both a Qualified Opportunity Zone Fund ("QOZF") and an IRS designated Qualified Small Business Stock ("QSBS"). The minimum investment is $1,000.