Reno to host Northern Nevada Opportunity Zone Summit
RENO, Nev. — An educational summit set for March 19-20 in Reno aims to educate investors, business owners and commercial real estate experts on the vast potential “Opportunity Zones” present in the Northern Nevada market.
The Northern Nevada Opportunity Zone Summit, according to a press release, will take place in the Silver Legacy Reno Ballroom at 401 N. Center St.
“The untapped potential here is astounding,” said Axxcess Capital’s Kaya Bromley — a developer, author, entrepreneur and title speaker at the event — in the press release. “The shift in this market is happening rapidly and the time to strike is now.”
The Opportunity Zone Program is a tax incentive established by Congress in the Tax Cuts and Jobs Act of 2017. Its purpose is to foster investment into low-income and rural communities by allowing those who invest to defer and reduce their capital gains liability and potentially pay no tax on earnings from the investment.
There are 8,700 designated opportunity zones nationwide, and analysts predict that billions (and potentially as much as $6 trillion) of capital gains dollars will be invested into these zones.
According to the event web page, Northern Nevada in particular “is one of the hottest areas for development in the country” relative to opportunity zones.
Known as the architect of opportunity zones, Steve Glickman — founder and CEO of Develop LLC, an advisory firm focused on building and supporting opportunity funds and the broader opportunity zones marketplace — will serve as keynote speaker at the Reno event.
Other speakers include Olivia S. Byrne of K&L Gates; Chip Bowlby of Reno Land Inc.; Mike Kazmierski of EDAWN; Sarah Haradon of Holland & Hart; and Mridul Gautam, Ph.D of the University of Nevada, Reno, among several others.
Go to http://www.believeinreno.com to learn more.
Construction could begin next year and require about 500 to 600 workers, with a permanent workforce starting at 150 to 200 people with potential to expand.